Business: Consumers "Bank Big" on the Big Banks

-WSJ Less than a decade after the financial crisis led many to ask if the biggest banks had become too large, Americans are parking More money with them than ever. A Journal analysis of regulatory data shows that over the past 10 years, domestic deposits at the three largest U.S. banks by assets, JPMorgan Chase, Bank of America and Wells Fargo, grew by 180%, or more than $2.4 trillion—an amount that exceeds the combined domestic deposits of the top eight banks in 2007. At the end of 2017 the three held $3.8 trillion in domestic deposits, 32% of the total, up from 20% a decade earlier. The increasing dominance marks a new phase of consolidation in the industry, one driven first by the deals and then by customers’ attraction to the biggest banks’ digital tools and ubiquitous locations.