Big Banks See First Dip in Deposits Since 1994 as Rates Rise, But Online Banks Still Growing
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The US banking industry plays a vital economic role through deposit management, reaching $17.4 trillion in deposits as of January 2024. However, deposits fell for the first time since 1994 due to rising interest rates and post-pandemic normalization.
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The "Big Four" banks - JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup - experienced deposit declines, while US Bancorp saw 15.7% deposit growth after acquiring MUFG Union Bank.
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The top 25 largest US banks are listed by total deposits as of Q3 2023, with data from the Federal Deposit Insurance Corporation.
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The top 10 include Charles Schwab Bank, TD Bank, Goldman Sachs, Capital One, Truist Bank, PNC Bank, and others ranging from $129 billion to over $400 billion in deposits.
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The 5 largest US banks by deposits are JPMorgan Chase ($2.07 trillion), Bank of America ($1.89 trillion), Wells Fargo ($1.38 trillion), Citigroup ($757 billion), and US Bancorp ($554 billion).