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Pam and Russ Martens: Despite Citibank's record bailout in 2008, 85.5% of its deposits lack FDIC insurance
By Pam and Russ Martens
Wall Street on Parade
Thursday, October 5, 2023
As evidenced by the speech that the chairman of the Federal Deposit Insurance Corp., Martin Gruenberg, delivered at a conference yesterday, the FDIC is very much aware that both the level of uninsured deposits and the concentration of those uninsured deposits among a handful of mega banks is a serious problem for the U.S. banking system.
Gruenberg didn't name names, but we will do that in this article.
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Gruenberg pointed out in his speech that year-end data for the three banks that failed this past spring indicated that anywhere from 90% to 70% of their deposits were uninsured. (During a banking panic, uninsured deposits are typically those that head for the exits at the fastest clip.)
But those three failed banks (Silicon Valley Bank, Signature Bank, and First Republic Bank) were minnows compared to the asset-size of the banking whales that now account for most uninsured deposits in the U.S. banking system.
According to the FDIC, as of June 30 there were 4,645 federally-insured commercial banks and savings associations in the United States. Uninsured deposits at all 4,645 institutions totaled $7.134 trillion at the end of the second quarter.
But according to call reports filed by JPMorgan Chase Bank, Bank of America, Wells Fargo, and Citigroup's Citibank, as of June 30, just those four banks accounted for $4.185 trillion of uninsured deposits, or 59% of all uninsured deposits at all 4,645 federally-insured institutions. ...
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