A week ago, when Wells Fargo unleashed the so far quite disappointing earnings season for commercial banks (connected hedge funds like Goldman Sachs excluded) we reported [18]that the bank's deposits had risen to a record $176 billion over loans on its books. Today we conduct the same analysis for the other big two commercial banks: Wells Fargo and JPMorgan (we ignore Citi as it is still a partially nationalized disaster). The results are presented below, together with a rather stunning observation.
First, Wells again - deposits over loans: record $176 billion.
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2 comments:
Let me say something about this organization as a citizen's bank. I spent an hour with a friend at a Branch in Ocean View because her ATM Card quit working. I think it was 4-5 people at the bank who stared into their screens trying to figure it out. The result? I was EXPIRED!
This is why credit unions, veterans banks (Navy Federal, USAA, etc.) and small local banks are the way to go.
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