How much money depositors took out of their accounts in the previous year is being revealed by new data on the worldwide banking system.
The Federal Reserve of St. Louis’ most recent data show that US banks have experienced a $605 billion loss of deposit in a single year.
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According to data compiled by S&P Global Market Intelligence, total deposits at banks in France, Germany, Spain, Italy, the Benelux, and the Nordic regions decreased by about $950 billion in a year, bringing the total across the aforementioned nations to $1.55 trillion in deposit flight.
According to a new analysis from Yahoo Finance, wealthy consumers are currently doing the greatest harm to the bottom lines of America’s banking giants as customers withdraw money from their banks in quest of higher yields.
In their wealth management departments, JPMorgan Chase, Wells Fargo, Bank of America, and Citi all recorded deposit outflows in the second quarter of this year.
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Additionally, data from Curinos reveals that from the start of the year through July, deposit migration from business and wealth management accounts was 13%.
All four banks introduced fresh CD savings account offers this summer in an effort to compete with money-market accounts, which have seen hundreds of billions of dollars in inflows over the past year.
These efforts might be paying off. Curinos claims that the institutional deposit flight from major US banks stopped in July, but August’s data hasn’t yet been made public.
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