2023 deposit migration: JPMorgan gained ~$58B while First Republic lost $72B in a single quarter before failing

Summary

Roughly $874 billion in deposits left U.S. commercial banks industry-wide between June 2022 and June 2023 (-4.8%, the first year-over-year decline since 1995), and a further roughly $500B of M2 contraction continued through year-end as depositors chased money-market yields and the Fed shrank its balance sheet. Most of that money did not vanish -- it moved: to money-market funds (+$1.2 trillion in 2023, a record, with roughly 40% of the year's inflow landing in March alone as the regional-bank panic broke), and within the banking system from smaller/regional banks toward the largest, systemically-important banks perceived as "too big to fail."

Among institutions that survived, JPMorgan Chase Bank, N.A. was the standout gainer, adding about +$57.5 billion (+2.4%) in deposits from Dec 2022 to Dec 2023. Among survivors, Citibank, N.A. lost the most in dollar terms (-$72.0B, -5.1%), followed by Truist Bank (-$17.4B, -4.1%). But by far the largest single loss belonged to a bank that did not survive: First Republic Bank lost $72.0 billion (-40.8%) of its deposit base in the first quarter of 2023 alone, before failing on May 1, 2023 (JPMorgan acquired the remainder). Silicon Valley Bank (~$175B in deposits at its last Call Report) and Signature Bank (~$89B) failed even faster, in early March 2023, before a post-failure Call Report was ever filed.

Method and what the numbers cover

This connector's catalog carries no ingested FDIC deposit table (a bundled internal recipe claimed a banking.financials table exists with a domestic_deposits_thousands column -- verified false: list_tables('banking') returns an empty schema, and list_schemas confirms no 'banking' schema exists at all in this deployment; this stale claim has been reported back via report_issue). Rather than settle for secondary commentary, the FDIC's own BankFind Suite API (api.fdic.gov/banks/financials, keyless, quarterly Call Report data) was queried directly for each bank's own FDIC certificate (CERT) number, pulling the DEP field (total deposits, in thousands of dollars) at Dec 31 2022 and Dec 31 2023 (or the last report filed before failure).

Figures are at the bank-charter level (the FDIC-insured subsidiary bank), not the parent holding company -- e.g. "JPMorgan Chase Bank, N.A." (CERT 628), not the JPMorgan Chase & Co. consolidated balance sheet, which also includes non-deposit funding and non-bank subsidiaries. This is the correct unit for a deposits question, since deposits are booked at the insured-bank level.

PacWest Bancorp's operating bank (Pacific Western Bank) could not be reliably matched to a single stable FDIC CERT in this system after its 2023 name changes and its later 2023 merger into Banc of California -- its ~$6B Q1 2023 deposit loss is cited from press coverage (Reuters/Banking Dive), not independently recomputed here.

The failed-bank losses, in detail

SVB and Signature failed so quickly after the run began (both within days of the March 8-10, 2023 panic) that neither filed a post-run Call Report -- their reported deposit figures are frozen at Dec 31, 2022, understating how much they actually lost intraday before seizure. Public FDIC and Fed staff studies (cited below) estimate SVB lost roughly 60% of its March 6 domestic deposits by March 17, and Signature lost roughly 58% over the same window -- far worse than the officially reported Call Report snapshot implies, because the run happened entirely inside Q1 and was never captured in a filed report.

Survivors: who gained, who lost, Dec 2022 to Dec 2023

The pattern matches the well-documented "flight to size and perceived safety": the largest, most systemically important bank (JPMorgan) gained meaningfully, mid-size regionals with commercial/uninsured-deposit-heavy books (Comerica, Western Alliance) saw sharp Q1 drops that partly or fully reversed by year-end as the panic faded, and even large banks not seen as failure risks (Citibank, Truist) saw multi-percent net declines for the full year -- consistent with money moving into money-market funds and Treasury bills chasing yield, not just moving bank-to-bank.

Context: where the money actually went

The FDIC's Quarterly Banking Profile reported the first year-over-year decline in industry-wide deposits since 1995: -$874.1 billion (-4.8%) between June 2022 and June 2023. Over the same broad period, M2 money supply (which excludes most money-market fund shares) fell from $21,293.1B (Dec 2022) to $20,779.9B (Dec 2023), a further ~$513B contraction, consistent with continued Fed quantitative tightening layered on top of the deposit flight.

Money-market funds were the largest single destination: the Investment Company Institute reported MMF assets hit a record $6.4 trillion at the end of 2023, with $1.2 trillion of net inflows during the year -- the largest calendar-year inflow on record -- and roughly 40% of that inflow ($480 billion) arrived in March 2023 alone, directly coincident with the SVB/Signature/First Republic failures. FDIC and Federal Reserve Bank of St. Louis staff research separately documented that these were not passive institutional flows but genuine bank runs: at SVB, Signature, and First Republic, roughly 65-74% of each bank's largest depositors withdrew funds, while depositors with fully-insured balances under $250,000 generally did not run.

What This Report Does Not Answer

• PacWest Bancorp's exact deposit loss, independently recomputed from FDIC data: Its bank subsidiary (Pacific Western Bank) could not be reliably matched to one stable FDIC CERT across its 2023 name change/merger into Banc of California; reported its ~$6B Q1 2023 loss from press coverage only, not recomputed from Call Report data.