Deposits are pouring in at the <-bsp-bb-link state="{"bbHref":"bbg://screens/BI%20BANKN%20BNKE","_id":"00000171-1dd3-d981-a97d-ffd3639e0000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">largest U.S. lenders as consumers and corporate clients seek shelter from the economic toll of the coronavirus pandemic.
Deposits at domestically chartered commercial banks in 2020 rose 5.3% through March 18 -- more than triple the increase from a year earlier, according to data released Friday by the Federal Reserve. The year-ago data counts deposits made through March 27. Driving the gains are the 25 largest banks, which have gained $500 billion in deposits since year-end.
“Goliath is winning when it comes to a potential crisis such as this because there’s a flight to ...
Learn more about Bloomberg Law or Log In to keep reading:
Learn About Bloomberg Law
AI-powered legal analytics, workflow tools and premium legal & business news.
Already a subscriber?
Log in to keep reading or access research tools.