© Reuters. FILE PHOTO: Customers wait outside as an employee enters the Silicon Valley Bank branch office in downtown San Francisco, California, U.S., March 13, 2023. REUTERS/Kori Suzuki/File Photo
WASHINGTON (Reuters) – U.S. banks saw total deposits decline by a record 2.5% in the first quarter of 2023, and industry-wide profits were relatively flat after taking into account the effects of two large bank failures, the Federal Deposit Insurance Corporation said Wednesday.
The FDIC said the $472 billion in deposit outflows in the first quarter was primarily uninsured funds, as insured deposits actually rose 2.5% from January to March amid the failures of Silicon Valley Bank and Signature Bank (OTC:). FDIC Chairman Martin Gruenberg said in a prepared statement the industry is “quite resilient.”
This story originally appeared on Investing
