Deposit Decline: Banks Face Losses, While Unanticipated Competitors Thrive

The banks that showed some of the biggest deposit declines during the second quarter weren’t midsize regional lenders.

They were the industry’s giants.

JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC) — the four biggest banks by assets — gave up a net $262 billion in deposits when compared with the year-earlier period. From the first quarter to the second quarter, customers pulled $62 billion from three of those banks.

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