Bank of America’s Deposits Fall, But at Slower Pace than JPMorgan Chase

October 17, 2023

by Pam Martens and Russ Martens Wall Street on Parade

Bank of America is the second largest bank by assets in the United States, topped in assets by only JPMorgan Chase. Both mega banks have seen a steady decline in deposits since the first quarter of 2022. But the decline in deposits at Bank of America represents just 65 percent of the deposit outflows that have occurred at JPMorgan Chase in the past seven quarters. (Bank of America, as the chart above shows, did report a small uptick in deposits in the current quarter.)

At the end of the first quarter of 2022, Bank of America held $2.046 trillion in deposits. According to the 8-K filing the bank made with the Securities and Exchange Commission this morning, as of September 30, 2023 Bank of America’s deposits had declined to $1.885 trillion, a shrinkage of $161 billion. In the same span of time, JPMorgan Chase shed $248.38 billion in deposits. (We have excluded the deposits gained by JPMorgan Chase from its purchase on May 1 of the failed First Republic Bank, so that we are making fair comparisons.)