U.S. banks are ‘swimming in money’ as deposits increase by $2 trillion amid the coronavirus
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 and individuals via stimulus checks and unemployment benefits. The Federal Reserve began a barrage of …continued .
[Source: CNBC News]