The wall of money flowing into banks has no precedent in history: in April alone, deposits grew by $865 billion, more than the previous record for an entire year.
Deposit gains were concentrated at the very top of the industry: JPMorgan Chase, Bank of America and Citigroup grew much faster than smaller firms in the first quarter, according to company data.
A person on a scooter rides past a JPMorgan Chase & Co. bank branch in New York, U.S., on Thursday, June 11, 2020.A record $2 trillion surge in cash hit the deposit accounts of U.S. banks since the coronavirus first struck the U.S. in January, according to
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wirecard CEO quits after $2 billion goes missing and fraud accusations flyMarkus Braun, CEO of European payment-processing company Wirecard, resigns after its auditors couldn't account for $2 billion in cash.
Read more »
Novel coronavirus hospitalizations increasing in 17 statesNEW: Hospitalizations for COVID-19 are increasing in 17 states across the country, ABC News analysis finds—with experts warning the U.S. is by no means out of the first wave of coronavirus.
Read more »
Arizona and Florida report record-high single-day increases in coronavirus casesArizona and Florida reported record spikes in confirmed Covid-19 cases on Friday as states continue following their reopening guidelines while ramping up testing.
Read more »
How to have summer fun amid the coronavirus pandemicWith states easing coronavirus restrictions and summer weather already underway, people are figuring out how to connect with others while trying to stay safe.
Read more »
Vulnerable U.S. Latino communities hit hard by coronavirusAs the coronavirus spreads deeper across America, it is ravaging Latino communities from the mid-Atlantic to the Southwest.
Read more »
Several U.S. states see coronavirus infection spikes, Wall Street unnervedTroubling spikes in coronavirus infection rates were reported on Friday in several U.S. states, mainly in the South and West, a day before President Donald Trump was due to preside over an Oklahoma campaign rally that will be America's largest indoor gathering in months.
Read more »