It has been just revealed the fact that there has been a massive amount of money that exited the important banks. Check out the latest reports below in order to learn what happened.
Massive amount of money exits banks
Three of America’s biggest banks just saw a huge amount of $84.5 billion worth of deposits disappear in a single quarter.
JPMorgan Chase, Wells Fargo and Citi all recorded an outflow of deposits in Q3 – this is according to each bank’s most recent reports.
“JPMorgan Chase’s new Q3 earnings report details a $31 billion decrease in deposits from $2.387 trillion to $2.356 trillion. Wells Fargo reported a $7.1 billion decrease from $1.3474 trillion to $1.3403 trillion, while Citi recorded a $46.4 billion drop from $1.3199 trillion to $1.2735 trillion,” according to the online publication the Daily Hodl.
In a statement to shareholders, JPMorgan CEO Jamie Dimon issued made sure to send an alert on global tensions and a fresh warning on the potential for future rate hikes.
Dimon also made sure to state the fact that currently, we are living in something that could easily be called the most dangerous times in decades for this world.
“Currently, U.S. consumers and businesses generally remain healthy, although, consumers are spending down their excess cash buffers. However, persistently tight labor markets as well as extremely high government debt levels with the largest peacetime fiscal deficits ever are increasing the risks that inflation remains elevated and that interest rates rise further from here.”
He continued and stated:
“Additionally, we still do not know the longer-term consequences of quantitative tightening, which reduces liquidity in the system at a time when market-making capabilities are increasingly limited by regulations. Furthermore, the war in Ukraine compounded by last week’s attacks on Israel, may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.”
His conclusion is basically the fact that this may be the most dangerous time the world has seen in decades. He also made sure to finish on a more optimistic note, saying that he is hoping for the best and this is the best thing that we can do.