Management Strategies

10:16 AM
Connect Directly
Facebook
Twitter
Google+
RSS
E-Mail
50%
50%

Wells Fargo Tops U.S. Banks in Deposits

Bank of America and JPMorgan Chase are second and third, respectively.

San Francisco-based Wells Fargo sits atop the rankings of U.S. deposit leaders, according to new research from SNL Financial.

According to SNL, Wells -- at $553.1 billion in deposits -- sits comfortably atop the rankings in large part due to its 2008 acquisition of Wachovia, which was beset by risky lending. Wells Fargo ranked fourth among deposit leaders in 2007, behind Bank of America, Wachovia and JPMorgan Chase, before the acquisition. According to SNL, that acquisition allowed Wells Fargo to greatly expand its footprint and become a true national bank.

Bank of America is second on the list with $465.6 billion in deposits, followed by JPMorgan Chase at $395 billion and PNC at $153.4 billion.

According to SNL, PNC's total deposit number surged after acquiring Royal Bank of Canada's RBC Bank earlier this year and National City Copr. in 2008.

[Related Content: Credit Unions Outpacing Banks in Deposits]

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology Oct. 14, 2014
Bank Systems & Technology's new Must Reads is a compendium of our best recent coverage of customer analytics. Learn what big data means for banks, meet Wells Fargo CDO Charles Thomas, find out how to connect with your Gen Y customers, and more.
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.