Factbox-US banks hit by deposit flight as clients seek higher returns
Reuters
Published Apr 20, 2023 11:16AM ET
(Reuters) - A slew of banks in the United States reported deposit outflows in the first quarter, compared with the fourth quarter, after customers sought the refuge of "too-big-to-fail" institutions and money market funds for higher yields.
The closure of two U.S. regional banks in March shook investor confidence and set off fears over deposit safety after small banks shed $177.5 billion in deposits in March from the previous month, according to data from the U.S. Federal Reserve.
These lenders will be compelled to lift deposit rates to attract customers, analysts worry, raising costs of one of the cheapest sources of funding.
Total deposits at Wall Street's biggest lenders:
Big Banks Reported Q1 Deposits vs Q4
JPMorgan Chase (NYSE:JPM) and Co Total deposits increased 2% to $2.38
trillion
Bank of America Corp (NYSE:BAC) Total deposits declined 1% to $1.91
trillion
Citigroup Inc (NYSE:C) Total deposits declined 3% to $1.33
trillion
Wells Fargo (NYSE:WFC) & Co Total deposits declined 2% to $1.36
trillion
Goldman Sachs Group Inc (NYSE:GS) Total deposits declined 3% to $375
billion
Morgan Stanley (NYSE:MS) Total deposits declined 3% to $347.5
billion
Overview of deposits at other prominent financial firms:
Mid-Sized Firms Reported Q1 Deposits vs Q4
Charles Schwab (NYSE:SCHW) Corp Deposits shrank 11% to $325.7
billion
M&T Bank Corp (NYSE:MTB) Total deposits fell nearly 3%
to $159.1 billion
State Street Corp (NYSE:STT) Deposits at State Street fell
3% to $210 billion
Bank of New York Mellon (NYSE:BK) Corp Average deposits fell 3% to
$274 billion
Citizens Financial (NYSE:CFG) Group Inc Average deposits fell 2.6% to
$174.4 billion
Western Alliance (NYSE:WAL) Bancorp Total deposits fell 11.3% to
$47.6 billion
PNC Financial Services Group (NYSE:PNC) Total deposits rose marginally
Inc to $436.8 billion
First Horizon (NYSE:FHN) Corp Total deposits declined 3% to
$61.4 billion
U.S. Bancorp Average total deposits
increased 5.9% to $510.32
billion
Zions Bancorporation (NASDAQ:ZION) Total deposits declined 3% to
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$69.2 billion
Fifth Third Bancorp (NASDAQ:FITB) Total average deposits were
down marginally at $160.65
billion
Comerica (NYSE:CMA) Inc Average deposits fell about 5%
to $67.8 billion
Truist Financial (NYSE:TFC) Corp Average deposits dropped 1.2%
$408.5 billion
KeyCorp (NYSE:KEY) Average deposits fell about
1.6% to $143.4 billion
Huntington Bancshares (NASDAQ:HBAN) Inc Average total deposits
increased by $472 million
Source: Company statements
Written By: Reuters
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