Deposits Climb Even as Branch Networks Shrink
From data released today by SNL:
Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. held onto the top four spots in terms of total domestic deposits at U.S. banks and thrifts. JPMorgan and Wells Fargo both experienced deposit growth of more than 12%, while Citi’s deposits climbed nearly 24%.
Capital One Financial Corp. ascended to the No. 5 spot with deposit growth of more than 80%, thanks in large part to the acquisition of ING Direct USA, the marketing name for ING Bank FSB.
Capital One’s rise pushed U.S. Bancorp and PNC Financial Services Group Inc. to sixth and seventh place, respectively.
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