$44 Billion Plus Exits Bank of America, Morgan Stanley and BNY In a Single Quarter

Three major US banks—Bank of America, BNY Mellon, and Morgan Stanley—lost over $44 billion in deposits in just one quarter. This concerning trend isn’t limited to them; JPMorgan Chase, Wells Fargo, and Citigroup collectively saw an outflow of $84.5 billion in the same period. In a desperate attempt to retain customers, these banks are now spending billions. JPMorgan’s interest expenses surged by 170% from the previous year, Wells Fargo’s by 275%, and Citigroup’s jumped by about $185 billion. The confidence in these financial giants appears to be waning rapidly.