Jun 5, 2020 - Economy

U.S. banks hauled in $1.85T in new Q1 deposits

Reproduced from S&P Global; Table: Axios Visuals
Reproduced from S&P Global; Table: Axios Visuals

U.S. banks had a fantastic first quarter in terms of new deposits, with the top 50 banks adding nearly $2 trillion of assets, more than 10 times the average quarterly increase for the entire banking sector.

What happened: The 50 largest U.S. banks added $1.853 trillion in assets during the first quarter, a report from S&P Global Market Intelligence shows.

  • That compares to an average of $142 billion in assets added each quarter dating back to 1999 and an average of $118 billion increase since 2009, according to an Axios analysis of banking data produced by the Fed.

Highlights: All but six of the 50 largest U.S. banks reported an increase in assets during the first quarter.

  • JPMorgan Chase, the country's largest bank by assets, reported a $452.05 billion increase in assets in the first quarter, which was larger than the total assets held at all but nine U.S. banks.
  • Bank of America, Citigroup and Wells Fargo reported increases of $185.88 billion, $268.61 billion and $53.79 billion, respectively.

Between the lines: A separate report from S&P earlier this week found that close to 1,000 credit unions reported a net loss in the first quarter.

  • "Specifically, 982 credit unions representing 18.5% of the industry lost money during this time period, up from 15% in the first quarter of 2019," S&P Global Market Intelligence noted in the report Tuesday.

Go deeper: Central banks load up for a long war against coronavirus

Go deeper