Top US banks to reveal $521 billion deposit drop, most in decade

The largest U.S. banks are about to reveal how they fared as customer deposits came under siege in the first quarter.

Deposits at JPMorgan Chase & Co., Wells Fargo & Co. and Bank of America Corp. are expected to have tumbled $521 billion from a year earlier, the biggest drop in a decade, according to analysts’ estimates. The decline — which includes a $61 billion slide in just the first quarter — comes as a late influx of cash following a crisis at regional lenders failed to offset the steady drain of customers to products offering higher rates.

“By far the biggest issue for the banks is around deposits, both for the quarter and for March,” Wells Fargo & Co. analyst Mike Mayo said in an interview. “Non-answers are a failing grade for this take home exam.”