Reportedly drops Banks (5)
I believe the answer is:
tiers
'banks' is the definition.
(I've seen this in another clue)
'reportedly drops' is the wordplay.
'reportedly' shows a homophone (sound like).
'drops' becomes 'tears' (I've seen this before).
'tears' is a homophone of 'TIERS'.
(Other definitions for tiers that I've seen before include "Row upon row" , "drawers?" , "Binders" , "Layers or thicknesses" , "More than one bank" .)