Tags: Bank | Deposits | Largest | Firms

Bank Deposits Grow; Largest Firms Take a Bigger Share

Monday, 30 Sep 2013 06:55 PM

The biggest U.S. banks, including JPMorgan Chase & Co. and Wells Fargo & Co., took a larger share of growing bank deposits in the year ended June 30, the Federal Deposit Insurance Corp. reported Monday.

While total deposits jumped 5 percent to $9.4 trillion in the year, the six banks with the largest deposit totals saw a 9 percent increase, according to annual data released today on the agency’s website. Those biggest six — led by Bank of America Corp. with $1.1 trillion — held 30 percent of deposits.

The growth in deposits has been countered by a recent decline in the number of bank branches. The number of offices peaked in 2009 and since the credit crisis has declined each year, including the loss of almost 1,000 for 2013.

Most deposits — 60 percent — are held in national banks, according to the FDIC. The foreign bank with the most U.S. deposits was Toronto-Dominion Bank, with $192.8 billion.

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Personal-Finance
The biggest U.S. banks, including JPMorgan Chase & Co. and Wells Fargo Co., took a larger share of growing bank deposits in the year ended June 30, the Federal Deposit Insurance Corp. reported.
Bank,Deposits,Largest,Firms
155
2013-55-30
Monday, 30 Sep 2013 06:55 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved