Three US financial titans just witnessed the flight of $44.354 billion in deposits in a single quarter.
According to Bank of America’s (BofA) most recent quarterly earnings press release, the lender’s average deposits fell from $1.0063 trillion on June 30th to $980.1 billion by September 30th – a reduction of about $26.2 billion in three months.
Meanwhile, deposits at BNY Mellon dropped by $15.101 billion over the same time period, from $277.209 billion to $262.108 billion.
And Morgan Stanley depositors pulled out $3.0534 billion – from $348.511 billion at the end of Q2 to $345.458 at the end of Q3.
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 $84.5 billion in deposit outflows from Q2 to Q3 of this year.
Amid the decrease in deposits, JPMorgan, Wells Fargo and Citigroup are reportedly shelling out billions of dollars to keep customers from moving their funds.
The Wall Street Journal reports JPMorgan paid $21.83 billion in interest expense in Q3, up by 170% from the same quarter last year.
Wells Fargo forked out $8.99 billion to customers in the same quarter, an increase of 275% on a year-over-year basis.
Citigroup’s interest expense amounted to $21.01 billion last quarter, a jump of about $185 billion from Q3 of 2022.
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