Banks' golden deposits are heading out the door [MSN Money]
Wells Fargo & Company (WFC)
Last wells fargo & company earnings: 4/14 07:46 am
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Source: MSN Money
There’s less free money to go around for banks. Load Error After nearly three years of rate increases from the Federal Reserve, customers are pulling billions of dollars out of accounts that don’t earn interest and putting their money into higher-yielding alternatives. That will crimp banks’ ability to grow profits going forward. The four largest U.S. banks—JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co. and Citigroup Inc.—reported a combined 5% drop in U.S. deposits that earn no interest in the third quarter compared with a year ago. Customers withdrew more than $30 billion from U.S. bank accounts that don’t earn interest over the year that ended June 30, the first such annual decline in more than a decade, according to Federal Deposit Insurance Corp. data. These deposits largely consist of business and consumer checking accounts and are considered particularly valuable because banks can use these no-cost deposits to make loans. As short-term intere
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News
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- Citigroup Selling Maple Bonds in First Sizable Deal Since 2015 [BNN Bloomberg (Canada)]BNN Bloomberg
- Wells Fargo Senior EVP Ather Williams On Digital And AI In Banking [Forbes]Forbes
WFC
Earnings
- 4/12/24 - Beat
WFC
Sec Filings
- 4/23/24 - Form 8-K
- 4/23/24 - Form PX14A6G
- 4/23/24 - Form 424B2
- WFC's page on the SEC website