Factbox-US banks hit by deposit flight as clients seek higher returns

(Reuters) – The closure of two U.S. regional banks in March shook investor confidence in the banking industry and drove spooked customers to seek refuge in “too-big-to-fail” institutions or money market funds for higher yields.

First Republic Bank (NYSE:) said on Monday deposits plunged by more than $100 billion in the first quarter and it was exploring options such as restructuring its balance sheet.

Total deposits at Wall Street’s biggest lenders:

Big Banks Reported Q1 Deposits vs Q4

JPMorgan Chase (NYSE:) and Co Total deposits increased 2% to $2.38

trillion

Bank of America Corp (NYSE:) Total deposits declined 1% to $1.91

trillion

Citigroup Inc (NYSE:) Total deposits declined 3% to $1.33

trillion

Wells Fargo (NYSE:) & Co Total deposits declined 2% to $1.36

trillion

Goldman Sachs Group Inc (NYSE:) Total deposits declined 3% to $375

billion

Morgan Stanley (NYSE:) Total deposits declined 3% to $347.5

billion

Overview of deposits at other prominent financial firms:

Mid-Sized Firms Reported Q1 Deposits vs Q4

First Republic Bank Reported deposit

outflows of more than $100

billion, excluding $30 billion

injected by big banks

PacWest Bancorp Deposits

fell

nearly 17% to

$28.19 billion

Charles Schwab (NYSE:) Corp Deposits shrank 11% to $325.7

billion

M&T Bank Corp (NYSE:) Total deposits fell nearly 3%

to $159.1 billion

State Street Corp (NYSE:) Deposits at State Street fell

3% to $210 billion

Bank of New York Mellon (NYSE:) Corp Average deposits fell 3% to

$274 billion

Citizens Financial (NYSE:) Group Inc Average deposits fell 2.6% to

$174.4 billion

Western Alliance (NYSE:) Bancorp Total deposits fell 11.3% to

$47.6 billion

PNC Financial Services Group (NYSE:) Total deposits rose marginally

Inc to $436.8 billion

First Horizon (NYSE:) Corp Total deposits declined 3% to

$61.4 billion

U.S. Bancorp Average total deposits

increased 5.9% to $510.32

billion

Zions Bancorporation (NASDAQ:) Total deposits declined 3% to

$69.2 billion

Fifth Third Bancorp (NASDAQ:) Total average deposits were

down marginally at $160.65

billion

Comerica (NYSE:) Inc Average deposits fell about 5%

to $67.8 billion

Truist Financial (NYSE:) Corp Average deposits dropped 1.2%

$408.5 billion

KeyCorp (NYSE:) Average deposits fell about

1.6% to $143.4 billion

Huntington Bancshares (NASDAQ:) Inc Average total deposits

increased by $472 million

Source: Company statements