America’s biggest banks just got a whole lot bigger. In the first three months of the year, JPMorgan Chase, Bank of America, Citibank, and Wells Fargo saw their combined assets jump by a staggering $681.71 billion—a 5.9% increase.
Asset Growth Across the Board
This massive growth is a sharp turnaround from the previous quarter’s 2.9% decline. Let’s break it down:
- JPMorgan Chase: Saw the biggest jump, adding $355.04 billion (an 8.9% increase), bringing its total assets to a whopping $4.36 trillion.
- Citigroup: Came in second with a 9.3% increase, adding $218.57 billion.
- Bank of America: Experienced a more modest 2.7% growth.
- Wells Fargo: Saw a 1.1% increase in assets.
A Downgrade Despite the Growth
Despite this massive asset growth, Moody’s recently downgraded the deposit ratings of JPMorgan Chase, Bank of America, and Wells Fargo. They cited the weakening ability of the US government to support these banks as the reason. This followed Moody’s downgrade of the US credit rating itself due to concerns about the national debt. The banks’ ratings were lowered, but still remain high.
