Major Banks See Deposit Costs Surpass Interest Earnings Amid Rising Rates As interest rates rise, America’s largest banks, including Wells Fargo, JPMorgan Chase, and Citi, are paying more in depositor fees than they are earning in interest income—a first since the Federal Reserve began rate hikes two years ago. Wells Fargo’s deposit costs increased by $594 million this quarter, overshadowing a $1 million rise in interest income. Both JPMorgan Chase and Citi experienced similar trends, each paying about $350 million more to depositors than they earned. U.S. Bancorp also reported a decrease in net interest income, emphasizing the strategic financial adjustments clients are making in response to a prolonged high-rate environment. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Fed's Goolsbee Says Central Bank Will 'Fix' the Economy READ MORE Fed's Bostic Warns: No Quick Path to Interest Rate Cuts READ MORE Fed Minutes: Patience Prevails as Officials Await Clearer Inflation Trend READ MORE Goldman Sachs Reveals Record Hedge Fund Sell-Off in U.S. Equities READ MORE Federal Reserve Adopts Scenario Analysis as Inflation Fight Wavers READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment