- Bank of America Corp (NYSE:BAC) and Wells Fargo & Co (NYSE:WFC) are trading lower by 2.20% and 3.30%, respectively, on Wednesday following the Q1 2023 report from the FDIC, which shows the most significant Q1 deposit decline since 1984.
- Total deposits fell 2.5% Q/Q, marking the fourth consecutive quarterly decline, on a drop in estimated uninsured deposits (-8.3%).
- On the other hand, wholesale funding rose 14.4% in the quarter, which provided a little relief.
- U.S. Banks' net income increased 16.9% Q/Q, aided by higher noninterest income.
- Taking into consideration the two failed-bank acquisitions, the net income was broadly flat Q/Q.
- Also, net operating revenues rose 7.6% Q/Q in the quarter.
- Unrealized losses on securities decreased 16.5% Q/Q, marking a decline for the second consecutive quarter.
- The leverage capital ratio expanded 17 basis points Q/Q to 9.15% on higher retained earnings and lower average assets.
- Price Action: BAC shares are trading lower by 2.21% at $27.64, and WFC shares are down 3.30% at $39.63 on the last check Wednesday.
- Photo via Wikimedia Commons
Why Bank Of America And Wells Fargo Stocks Are Falling Today
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The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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