US banks hit by deposit flight as clients seek higher returns
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Reading Time: 2minutesFILE PHOTO: The ticker and logo for State Street Corporation is displayed on a screen at the post where it’s traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 30, 2016. REUTERS/Brendan McDermid/File Photo
(Reuters)
The closure of two U.S. regional banks in March shook investor confidence in the banking industry and drove spooked customers to seek refuge in “too-big-to-fail” institutions or money market funds for higher yields.
First Republic Bank said on Monday deposits plunged by more than $100 billion in the first quarter and it was exploring options such as restructuring its balance sheet.
Total deposits at Wall Street’s biggest lenders:
Big Banks : Reported Q1 Deposits vs Q4
JPMorgan Chase and Co: Total deposits increased 2% to $2.38 trillion
Bank of America Corp: Total deposits declined 1% to $1.91 trillion
Citigroup Inc: Total deposits declined 3% to $1.33 trillion
Wells Fargo & Co: Total deposits declined 2% to $1.36 trillion
Goldman Sachs Group Inc: Total deposits declined 3% to $375 billion
Morgan Stanley: Total deposits declined 3% to $347.5 billion
Overview of deposits at other prominent financial firms:
Mid-Sized Firms: Reported Q1 Deposits vs Q4
First Republic Bank: Reported deposit outflows of more than $100 billion, excluding $30 billion injected by big banks
PacWest Bancorp: Deposits fell nearly 17% to $28.19 billion
Charles Schwab Corp: Deposits shrank 11% to $325.7 billion
M&T Bank Corp: Total deposits fell nearly 3% to $159.1 billion
State Street Corp: Deposits at State Street fell 3% to $210 billion
Bank of New York Mellon Corp: Average deposits fell 3% to $274 billion
Citizens Financial Group Inc: Average deposits fell 2.6% to $174.4 billion
Western Alliance Bancorp: Total deposits fell 11.3% to $47.6 billion
PNC Financial Services Group Inc.: Total deposits rose marginally to $436.8 billion
First Horizon Corp: Total deposits declined 3% to $61.4 billion
U.S. Bancorp: Average total deposits increased 5.9% to $510.32 billion
Zions Bancorporation: Total deposits declined 3% to $69.2 billion
Fifth Third Bancorp: Total average deposits were down marginally at $160.65 billion
Comerica Inc.: Average deposits fell about 5% to $67.8 billion
Truist Financial Corp: Average deposits dropped 1.2% $408.5 billion
KeyCorp: Average deposits fell about 1.6% to $143.4 billion
Huntington Bancshares Inc: Average total deposits increased by $472 million
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