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Three US financial titans just witnessed the flight of $44.354 billion in deposits in a single quarter.<\/p>\n
According to Bank of America\u2019s (BofA) most recent quarterly earnings press release, the lender\u2019s average deposits fell<\/a> from $1.0063 trillion on June 30th to $980.1 billion by September 30th \u2013 a reduction of about $26.2 billion in three months.<\/p>\n Meanwhile, deposits at BNY Mellon dropped<\/a> by $15.101 billion over the same time period, from $277.209 billion to $262.108 billion.<\/p>\n And Morgan Stanley depositors pulled out<\/a> $3.0534 billion \u2013 from $348.511 billion at the end of Q2 to $345.458 at the end of Q3.<\/p>\n BofA, BNY Mellon and Morgan Stanley are not the only financial giants to see huge declines in deposits. JPMorgan Chase, Wells Fargo and Citi collectively recorded<\/a> $84.5 billion in deposit outflows from Q2 to Q3 of this year.<\/p>\n Amid the decrease in deposits, JPMorgan, Wells Fargo and Citigroup are reportedly shelling out billions of dollars to keep customers from moving their funds.<\/p>\n The Wall Street Journal reports<\/a>\u00a0JPMorgan paid $21.83 billion in interest expense in Q3, up by 170% from the same quarter last year.<\/p>\n Wells Fargo forked out $8.99 billion to customers in the same quarter, an increase of 275% on a year-over-year basis.<\/p>\n Citigroup\u2019s interest expense amounted to $21.01 billion last quarter, a jump of about $185 billion from Q3 of 2022.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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