In Q1, banks saw a significant drop — $597.5 billion — in uninsured deposits according to a S&P Global Market Intelligence report. That represents a 7.8% quarter-over-quarter dip and a 15.2% year-over-year drop.
Of the 25 U.S. banks with at least $25 billion in assets as of March 31, 20 saw a quarter-over-quarter decline. The largest drop in uninsured deposits was at BankUnited, at 28.6%.
Of the "Big Four," Citigroup, Bank of America, and Wells Fargo saw drops. JPMorgan Chase saw a 1.9% increase, probably an effect of having acquired First Republic Bank after the latter failed.
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