Banks see a $1.55tn loss of deposits in a single year as JPMorgan Chase and other financial titans compete for wealthy clients.


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.

CryptoCaster Quick Check:

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.

Stay in the know on crypto by frequently visiting Crypto News Today

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.CRYPTOCASTER® - DECENTRALIZED FREEDOM!

We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism. 

From  Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.

And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.

When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble. 

Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.

We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster

Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.

Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


You may also like