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 Goldman Sachs CEO Sees Bright 2024 as Markets Rally READ MORE Shifting Winds at the Fed: July Minutes Hint at Imminent Policy Easing READ MORE FTX Alum Buys Titanic's Gold Watch for Record $1.5 Million READ MORE Powell Signals No Rate Hike Despite Persistent Inflation READ MORE Injecting New Life into the World’s Deepest Mine READ MORE Add a Comment Cancel replyYour email address will not be published.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