Bloomberg Law
March 17, 2023, 8:24 PM

US Bank Deposits Fell $54 Billion in Week Before SVB Collapse

Alex Tanzi
Alex Tanzi
Bloomberg News

Deposits at US lenders continued to slide in the week before three bank failures triggered a bout of global financial turmoil.

Bank deposits fell by $54.4 billion to $17.6 trillion in the week ended March 8, according to Federal Reserve data released Friday. Deposits have declined by some $500 billion from their peak in April last year, a steady drop that’s added to strains in the financial system.

The Fed’s weekly snapshot of US banks has suddenly become a key data point for markets and the economy, after the collapse of Silicon Valley Bank and two other lenders. There’s ...