Deposit costs at the largest US banks rose more than interest revenue last quarter for the first time since the Federal Reserve began raising rates two years ago, as savers demanded lenders share the benefits.
Wells Fargo paid nearly $594mn more in fees to depositors in the first quarter of this year than it did in the previous three months. That was far more than the $1mn the bank took in additional interest from its loans and investments in the same period.
JPMorgan Chase and Citi also paid out more to depositors than they took in additional interest last quarter — about $350mm each. In the previous quarter, the two banks took in $2.3bn more in additional interest above what they paid depositors.
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