U.S. Bank Deposits Grow as Largest Firms Take a Bigger Share
The biggest U.S. banks, including JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC), took a larger share of growing bank deposits in the year ended June 30, the Federal Deposit Insurance Corp. reported today.
While total deposits jumped 5 percent to $9.4 trillion in the year, the six banks with the largest deposit totals saw a 9 percent increase, according to annual data released today on the agency’s website. Those biggest six -- led by Bank of America Corp. (BAC) with $1.1 trillion -- held 30 percent of deposits.
The growth in deposits has been countered by a recent decline in the number of bank branches. The number of offices peaked in 2009 and since the credit crisis has declined each year, including the loss of almost 1,000 for 2013.
Most deposits -- 60 percent -- are held in national banks, according to the FDIC. The foreign bank with the most U.S. deposits was Toronto-Dominion Bank, with $192.8 billion.