Banking business? Starbucks holds over $1.8 billion in customer deposits

Starbucks (NASDAQ: SBUX) is one of the leading coffee brands in the world, with over 38,000 coffeehouses in 86 countries. However, Starbucks has also built an indirect position in the banking business, currently holding $1.872 billion in customer deposits.This data is from the company’s earnings report for 2024’s second quarter (Q2), under the “stored value card liability” results.Earning reports; Liabilities and Shareholders’equity/(deficit). Source: StarbucksEssentially, when a customer buys a Starbucks C ...