As the Fed insists that the banking crisis is over and everything is under control from the financial stability perspective the deposits growth which is a key metric in the credit creation system for the economy has seen on of the biggest declines ever witnessed in recent weeks.
YoY changes
Goldman Sachs; -11.5%
Bank of America: - 9.1%
Wells Fargo: - 6.1%
Citi: -0.8%
This comes in as JP Morgan beats revenue and net income estimates. They have benefitted greatly from the high interest rates which have supported in generating net interest incomes. They have also seen more inflow proportionate to the level outflows seen by the local US banks as they tried to shore confidence for them.
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