Bloomberg Law
March 27, 2020, 9:01 PM

Biggest U.S. Banks Flooded With Deposits in ‘Flight to Quality’

Hannah Levitt
Hannah Levitt
Bloomberg News
Dan Reichl
Dan Reichl
Bloomberg News

Deposits are pouring in at the largest U.S. lenders as consumers and corporate clients seek shelter from the economic toll of the coronavirus pandemic.

Deposits at domestically chartered commercial banks in 2020 rose 5.3% through March 18 -- more than triple the increase from a year earlier, according to data released Friday by the Federal Reserve. The year-ago data counts deposits made through March 27. Driving the gains are the 25 largest banks, which have gained $500 billion in deposits since year-end.

“Goliath is winning when it comes to a potential crisis such as this because there’s a flight to ...

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