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JPMorgan nears BofA as largest deposit-holder in US


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According to Market Intelligence, April 2023

JPMorgan nears BofA as largest deposit-holder in US

The U.S.'s largest banks continued to gather deposits and shed branches,according to the latest Summary of Deposits from the FDIC.

Deposits at the "Big Four" U.S. banks — , ,Wells Fargo & Co.and Citigroup Inc. —grew by a combined 5.5% year over year as of June 30. These four companies heldroughly 36.4% of the country's deposits as of June 30 and the top 50 banks andthrifts combined held 72.2% of U.S. deposits.

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JPMorgan nearly closed the deposit gap with BofA. JPMorgan'sdeposits grew by 7.6% over the last 12 months, compared to only 3.1% growth forBofA. As of June 30, BofA was ahead of JPMorgan by roughly $7 billion.

On Sept. 12, at the Barclays Global Financial ServicesConference, Gordon Smith, JPMorgan's CEO of Consumer and Community Banking,said the company's deposit growth has been consistent since 2012 thanks tocustomer retention, which he said was the "best [the bank] had everseen," according to a transcript. Gordon continued, "We aren't seeingchurn in the customer base, and that's having a meaningful effect on the growthrate that we're seeing in consumer deposits."

The branch figures shown in this analysiswere adjusted to incorporate SNL data on banks that do not file Summary ofDeposits data.

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A number of banks showed supercharged deposit growth thanksto M&A. BB&TCorp. moved up two spots to become the ninth-largest bank bydeposits as of June 30, 2016, thanks to the company's acquisitions of Lititz, Pa.-based andAllentown, Pa.-based National PennBancshares Inc. Over the last 12 months, BB&T added 350branches and more than $25 billion in deposits.

Goldman SachsGroup Inc.'s acquisition of GE Capital Bank's online deposit platformand $16 billion in deposits helped the investment bank jump five spots to No.15.

Meanwhile, Royal Bank of Canada surged to the No. 39 spot afteracquiring LosAngeles-based City NationalCorp. on Nov. 2, 2015. With help from the acquisition, RBC's U.S.deposits grew by $38.17 billion and it added 74 branches over the last 12months.  

Similarly, CITGroup Inc.'s acquisition of Pasadena, Calif.-based on Aug. 3, 2015, helpedthe company boost its branch count by 70 and its deposits by $15.61 billionover the last year.

KeyCorp should show outsized gains in next year'sSummary of Deposits, thanks to its acquisition of First Niagara Financial Group Inc., which closed July29. Had the deal closed in time for this year's Summary of Deposits, thecombined company would have been the 16th-largest bank in thecountry by deposits, up from KeyCorp's No. 23 spot pre-acquisition.  

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Forty-seven states posted year-over-year gains in totaldeposits. Kansas led the way with 21.6% growth, while Nevada and Georgiafollowed at 20.8% and 17.8%, respectively. Deposits fell in Massachusetts,North Carolina and West Virginia, as well as Washington, D.C., and AmericanSamoa.

Total branches fell in 44 states, held steady in two andgrew slightly in Mississippi, Nebraska, Nevada and South Dakota.

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SNL offers a variety of tools to help analyze bank branch data.

Click here to access a market share tool that allows you to generate market share reports for specific companies or U.S. markets.

Click here to download the PDF version of the map that shows the year-over-year growth in deposits across the U.S. states and territories.

 SNL combines bank branch data along with demographic information, which can be accessed via the market demographics page under the U.S. market analysis section of a company's briefing book page on the SNL website or in SNLxl.