US commercial bank deposits see biggest drop in 50 years

Depositors pulled record $317bn in March; preliminary April figures suggest banking system still fragile

Total deposits at US commercial banks fell by $318 billion to $17.37 trillion in March – a 1.8% drop, representing the largest monthly decline since records began in 1973.

Data aggregated by the Federal Reserve shows deposit outflows continued during the first three weeks of April, a sign the banking crisis triggered by the collapse of Silicon Valley Bank and Signature Bank is far from over.

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