Deposits at large U.S. banks fell to $17.167 trillion from $17.180 trillion a week earlier, on a seasonally adjusted basis.
Commercial bank lending increased a seasonally adjusted $41.60 billion during the week. On an unadjusted basis, loans and leases increased nearly $44 billion.
Residential lending rose $5.50 billion, commercial real estate loans rose $13.7 billion, and consumer loans rose nearly $10 billion from the prior week. Commercial and industrial loans were roughly unchanged at $2.765 trillion.
The fall in bank deposits come just as fresh banking turmoil emerged on Wall Street. Earlier this week, JPMorgan (NYSE:JPM) acquired First Republic as part of receivership deal after latter failed to secure funding privately.
“While many thought JPM’s purchase of FRC out of receivership would stop the “who’s next?” conversations, investors are clearly continuing to focus on remaining players that are deemed the weakest,” UBS said in a recent note.
Source: Economy - investing.com
