Finance

Banks have grown by $2 trillion in deposits since coronavirus first hit

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A person on a scooter rides past a JPMorgan Chase & Co. bank branch in New York, U.S., on Thursday, June 11, 2020.

Jeenah Moon | Bloomberg | Getty Images

It’s the banking world’s version of the rich getting richer.

A record $2 trillion surge in cash hit the deposit accounts of U.S. banks since the coronavirus first struck the U.S. in January, according to FDIC data.

The wall of money flowing into banks has no precedent in history: in April alone, deposits grew by $865 billion, more than the previous record for an entire year.

The gains were all driven, in one way or another, by the response to the pandemic: The government unleashed hundreds of billions of dollars to bolster small businesses…



Source cnbc.com

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