Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
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

Felix Salmon, author of Capital
Sep 3, 2020 - Economy & Business

A second startup becomes a bank

Illustration: Annelise Capossela/Axios

You wait 10 years for the Office of the Comptroller of Currency to start approving bank charters for startup banks, and then two arrive in less than month.

Driving the news: Thursday morning, a quiet startup named Jiko announced that it had obtained a bank charter by acquiring its partner bank, Mid-Central National Bank of Minnesota.

28 U.S. citizens depart Afghanistan on Qatar Airways flight

Passengers board a Qatar Airways aircraft bound to Qatar at the airport in Kabul on September 10, 2021. Photo: Aamir Qureshi/AFP via Getty Images

The State Department on Saturday confirmed that a Qatar Airways charter flight left Kabul on Friday with 28 U.S. citizens and seven lawful permanent residents on board.

The big picture: Friday's flight is the third such airlift by Qatar Airways since the Taliban takeover of Afghanistan, AP reports.

Updated 1 hour ago - Politics & Policy

Smaller than expected "Justice for J6" rally met with large police presence

Police officers watch as demonstrators gather for the "Justice for J6" rally in Washington, D.C., on Sept. 18, 2021. Photo: Andrew Caballero-Reynolds/AFP via Getty Images

A few hundred demonstrators were met by a heavy law enforcement presence on Saturday at the "Justice for J6" rally outside the fenced-off U.S. Capitol, AP reports.

The latest: Four people were arrested at the rally, including one person with a gun, one with a knife and two with outstanding warrants, per the U.S. Capitol Police.