The scars of 2008 are still fresh for company treasurers and investment officers as they keep half of their firms' cash in bank deposits, according to a global survey by JPMorgan Chase & Co.

The 300 cash managers surveyed are favoring liquidity over yield even as half of them face declining earned interest. They're putting just a quarter of their assets in money-market funds that face tougher rules from U.S. regulators, the survey shows.

"They have gotten into the mindset that they want to have that rainy day fund," John Donohue, chief investment officer for JPMorgan's global liquidity business, said in a telephone interview. "A lot of corporations want to hold higher liquidity than in the past. In 2008, they saw a lot of liquidity dry quickly."

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