Biggest banks lose market share, slightly

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The deposit market share of the 10 biggest U.S. banks shrank slightly over the last year, but they still controlled close to half the market.

The top 10 banks had $3.44 trillion in deposits as of June 30, up from $3.42 trillion a year earlier, according to SNL Financial’s annual tally.

But deposits at smaller banks grew more quickly in the period, which trimmed the top 10 banks’ market share to 44.8% from 45.2% a year earlier.

The decline was more pronounced for the Big Four banks -- Bank of America, Wells Fargo, JPMorgan Chase and Citigroup. They had $2.61 trillion in deposits at mid-year, or 34% of the market, down from $2.63 trillion or 34.7% a year earlier.

Bank of America still held on to the No. 1 spot, with nearly $899 billion in deposits, or 11.7% of the total market.

Remember the ‘Move Your Money’ campaign aimed at the TBTF (too big to fail) banks? Maybe some people took that to heart, but not enough to make a significant difference.

But the giants now find themselves the target of public wrath once again, thanks to Foreclosure-Gate.

Here is the list of the 50 biggest banks at mid-year: