Skip to content

Top US Banks to Reveal $521 Billion Deposit Drop, Most in Decade

  • JPMorgan, Citi, Wells Fargo kick off industry reports Friday
  • Failing to address deposit level is ‘failing grade,’ Mayo says
Bloomberg business news
Wells Fargo's Mayo on Bank Earnings: Let the Sunshine In

The largest US banks are about to reveal how they fared as customer deposits came under siege in the first quarter.

Deposits at JPMorgan Chase & Co., Wells Fargo & Co. and Bank of America Corp. are expected to have tumbled $521 billion from a year earlier, the biggest drop in a decade, according to analysts’ estimates. The decline — which includes a $61 billion slide in just the first quarter — comes as a late influx of cash following a crisis at regional lenders failed to offset the steady drain of customers to products offering higher rates.