CHARLOTTESVILLE, Va. – A new study from SNL Financial has found Wells Fargo continues to lead deposit-taking institutions in the U.S., thanks in large part to its acquisition of Wachovia in 2008.
SNL notes five years ago Wells was ranked fourth among deposit leaders – behind Bank of America, Wachovia and JP Morgan Chase – but its absorption of Wachovia provided a significant foothold in the east and led to Wells becoming “a genuine national bank.”
Market share at Wells Fargo jumped by more than 500 basis points to 9.83% since 2007, while its efficiency ratio and net interest margin both dropped. Wells Fargo leads the competition with deposits for 2012 with $553.1 billion, compared to $221.3 billion in 2007 (before it absorbed Wachovia). Bank of America ranks second in deposits with $465.4 billion for 2012. In 2007 it saw $399.5 billion, the leading FI for deposits that year.
JP Morgan Chase leads in total assets with $2.29 trillion. According to data compiled by CUNA, total CU assets are at $1.033 trillion as of the end of August, up 7.5% for the year. Total credit union savings at the end of July was $880 billion.