The largest US banks are expected to reveal this week that customers withdrew tens of billions of dollars in deposits at the start of 2023, even as they gained new customers following the collapse of Silicon Valley Bank.
Analysts are forecasting that depositors seeking higher returns from alternatives like money market funds pulled almost $100bn in aggregate from JPMorgan, Bank of America, Citi and Wells Fargo in the first three months of 2023, according to consensus data compiled by Bloomberg.
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