US: the volume of deposits in banks in the first quarter grew by $ 1 trillion

US, WASHINGTON (ORDO NEWS) — The total volume of deposits in American banks in the first quarter of this year against the backdrop of a pandemic increased by about $ 1.04 trillion. This is stated in an article published on Thursday in  The Wall Street Journal.

The publication cites data from the Federal Deposit Insurance Corporation of the United States, according to which earlier total investments in American financial institutions for one quarter did not exceed $ 313 billion. This record was recorded in the fourth quarter of 2012.

The publication notes that $ 590 billion of the $ 1 trillion came in deposit accounts of the four largest banks in the country: JPMorgan Chase, Bank of America, Wells Fargo and Citigroup.

According to the newspaper, most of the deposits went to banks within two weeks in March. During this period, many US business representatives tried to accumulate significant funds before the economic crisis caused by the spread of the new coronavirus.

According to Johns Hopkins University, which makes calculations based on information from federal and local authorities, more than 856 thousand cases of coronavirus infection were recorded in the United States, over 47.2 thousand people died.


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