JPMorgan Chase’s Deposits Declined by 57 Times That of Citigroup Over Past 12 Months

April 18, 2023

by Pam Martens and Russ Martens Wall Street on Parade

On April 11, Wall Street On Parade ran this headline: Fed Report: Largest 25 U.S. Banks Have Shed $700 Billion in Deposits Over Past Year. Using deposit data directly from the Federal Reserve’s weekly H.8 report, we documented that contrary to the misleading reporting in the mainstream business press, it wasn’t the regional banks that were losing the bulk of deposits in the U.S., with the biggest banks the beneficiaries, it was actually the biggest banks that were dramatically shedding deposits. We explained as follows:

“The reality is that the 25 largest domestically-chartered commercial banks in the U.S. have been bleeding deposits for most of the past 12 months, shedding more than $700 billion in deposits between April 13, 2022 and March 29, 2023. To put that in even sharper focus, all U.S. domestically-chartered commercial banks have lost a total of $970 billion during the same time period. That means that the largest 25 banks account for a whopping 72 percent of the plunge in deposits over the past year.”