$84,500,000,000 Exits JPMorgan Chase, Wells Fargo and Citigroup in Three Months As Depositors Take Flight

$84,500,000,000 Exits JPMorgan Chase, Wells Fargo and Citigroup in Three Months As Depositors Take Flight

Time Stamp: October 21, 2023 9:21 PM
Source Node: 2948600
Three of America’s biggest banks just watched $84.5 billion worth of deposits disappear in a single quarter.
JPMorgan Chase, Wells Fargo and Citi all recorded an outflow of deposits in Q3, according to each bank’s most recent reports.

JPMorgan Chase’s new Q3 earnings report details a $31 billion decrease in deposits from $2.387 trillion to $2.356 trillion. Wells Fargo reported a $7.1 billion decrease from $1.3474 trillion to $1.3403 trillion, while Citi recorded a $46.4 billion drop from $1.3199 trillion to $1.2735 trillion.
Despite the drop in deposits, JPMorgan Chase recorded a net income of $13.2 billion.
Zooming out, data from the Federal Reserve Bank of St. Louis shows deposits across all commercial banks are down from an all-time high of $18.203 trillion in August of last year to $17.365 trillion at time of publishing.
In a statement to shareholders, JPMorgan CEO Jamie Dimon issued an alert on global tensions and a fresh warning on the potential for future rate hikes.
Dimon says we’re now living through what could be the most dangerous era the world has seen in decades.
“Currently, U.S. consumers and businesses generally remain healthy, although, consumers are spending down their excess cash buffers. However, persistently tight labor markets as well as extremely high government debt levels with the largest peacetime fiscal deficits ever are increasing the risks that inflation remains elevated and that interest rates rise further from here.
Additionally, we still do not know the longer-term consequences of quantitative tightening, which reduces liquidity in the system at a time when market-making capabilities are increasingly limited by regulations. Furthermore, the war in Ukraine compounded by last week’s attacks on Israel may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships. This may be the most dangerous time the world has seen in decades. While we hope for the best, we prepare the firm for a broad range of outcomes so we can consistently deliver for clients no matter the environment.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter , Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney
The post $84,500,000,000 Exits JPMorgan Chase, Wells Fargo and Citigroup in Three Months As Depositors Take Flight appeared first on The Daily Hodl .

Time Stamp:

More from BITRSS