(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 Total deposits rose marginally
Inc 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
Source: Company statements
(Compiled by Mehnaz Yasmin and Manya Saini in Bengaluru; Edited by Shounak Dasgupta and Shinjini Ganguli)
