Bank of America Corp. BAC, Citigroup Inc. C and Wells Fargo & Co. WFC reported drops in uninsured deposits as of March 31 as part of an overall sequential decline of 7.8% or $597.49 billion in uninsured deposits by all U.S. banks as of the end of the first quarter, S&P Global Inc. said in a research note published Thursday. JPMorgan Chase & Co. JPM reported a 1.9% increase in uninsured deposits. S&P said the overall drop of 7.8% marked the largest quarter-over-quarter drop in uninsured deposits amid greater focus on them in the wake of the collapse of Silicon Valley Bank and Signature Bank. All told, banks reported $7.118 trillion in uninsured deposits at the end of the quarter, down from $7.716 trillion at Dec. 31 and also down from $8.398 trillion in the year-ago first quarter. Uninsured deposits comprised 42.2% of total deposits minus exclusions as of March 31, compared to 44.9% of total deposits at Dec. 31 and 47% of total deposits, in the year-ago period. S&P said uninsured deposits have been dropping since the first quarter of 2022, by both the dollar amounts of uninsured deposits and the percentage of total deposits.
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