US Banking Titans JPMorgan Chase, Wells Fargo And Citigroup Lose $84.5 Billion In Deposits Amid Global Uncertainties
Portfolio Pulse from Bibhu Pattnaik
Major US banks JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) collectively lost $84.5 billion in deposits during Q3. JPMorgan's deposits decreased by $31 billion, Wells Fargo's by $7.1 billion, and Citigroup's by $46.4 billion. Despite this, JPMorgan reported a net income of $13.2 billion for the quarter. The Federal Reserve Bank of St. Louis data indicates a trend of declining deposits across all commercial banks.
October 21, 2023 | 8:19 pm
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NEGATIVE IMPACT
Citigroup faced the steepest decline in deposits, with a drop of $46.4 billion in Q3.
The significant loss of deposits could severely impact Citigroup's liquidity and ability to lend, potentially affecting its profitability.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
JPMorgan Chase lost $31 billion in deposits in Q3 but reported a net income of $13.2 billion for the same period.
The loss of deposits could impact JPMorgan's liquidity and ability to lend, potentially affecting its profitability. However, the bank's reported net income indicates it is still financially robust.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Wells Fargo's deposits decreased by $7.1 billion in Q3.
The loss of deposits could impact Wells Fargo's liquidity and ability to lend, potentially affecting its profitability.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100