(Reuters) - First Republic Bank (NYSE:FRC) said on Monday that deposits plunged by more than $100 billion in the first quarter and it was exploring options such as restructuring its balance sheet.
The closure of two U.S. regional banks in March shook investor confidence and set off fears over deposit safety. Spooked customers have since sought the refuge of "too-big-to-fail" institutions or money market funds for higher yields.
Total deposits at Wall Street's biggest lenders:
Big Banks Reported Q1 Deposits vs Q4
JPMorgan Chase (NYSE:JPM) and Co Total deposits increased 2% to $2.38
trillion
Bank of America Corp (NYSE:BAC) Total deposits declined 1% to $1.91
trillion
Citigroup Inc (NYSE:C) Total deposits declined 3% to $1.33
trillion
Wells Fargo (NYSE:WFC) & Co Total deposits declined 2% to $1.36
trillion
Goldman Sachs Group Inc (NYSE:GS) Total deposits declined 3% to $375
billion
Morgan Stanley (NYSE:MS) 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
Charles Schwab (NYSE:SCHW) Corp Deposits shrank 11% to $325.7
billion
M&T Bank Corp (NYSE:MTB) Total deposits fell nearly 3%
to $159.1 billion
State Street Corp (NYSE:STT) Deposits at State Street fell
3% to $210 billion
Bank of New York Mellon (NYSE:BK) Corp Average deposits fell 3% to
$274 billion
Citizens Financial (NYSE:CFG) Group Inc Average deposits fell 2.6% to
$174.4 billion
Western Alliance (NYSE:WAL) Bancorp Total deposits fell 11.3% to
$47.6 billion
PNC Financial Services Group (NYSE:PNC) Total deposits rose marginally
Inc to $436.8 billion
First Horizon (NYSE:FHN) 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:ZION) Total deposits declined 3% to
$69.2 billion
Fifth Third Bancorp (NASDAQ:FITB) Total average deposits were
down marginally at $160.65
billion
Comerica (NYSE:CMA) Inc Average deposits fell about 5%
to $67.8 billion
Truist Financial (NYSE:TFC) Corp Average deposits dropped 1.2%
$408.5 billion
KeyCorp (NYSE:KEY) Average deposits fell about
1.6% to $143.4 billion
Huntington Bancshares (NASDAQ:HBAN) Inc Average total deposits
increased by $472 million
Source: Company statements