Trending
Stocks.org
You are at:»»Several branches of Wells Fargo (NYSE:WFC) claim front rank amongst Banks:
wells fargo

Several branches of Wells Fargo (NYSE:WFC) claim front rank amongst Banks:

252
By on Company

The overall deposit submitted by a firm is not entirely dependent on the total number of branches it has; however the two are closely related. With its 6314 branches, Wells Fargo & co (NYSE:WFC) has ranked third in terms of deposits amongst all other banks, till June 2014. The FDIC stated that the bank deposited a total of $1,073,543,725.

JP Morgan Chase & co (NYSE:JPM) claimed second place, with deposits totalling up to $1,079,452,805. The company has 5,682 branches in total. Claiming the 1st position in this category is the Bank of America (NYSE:BAC) with the total amount of $1,172,985000 but with its 5096 branches, the bank has been placed at number three in terms of number of branches.

Even though, number of branches plays a vital role in the amount of deposits made by a bank, it does not determine the amount of deposits. This is quite evident from the aforementioned statistics.

Following is the ranking table of top ten banks in terms of total deposits:

  no. of branches Total deposits
1 Bank of America corporation 5,096 $1,172,985,000
2 JP Morgan chase & co. 5,682 $1,079,452,805
3 Wells Fargo and co. 6,314 $1,073,543,725
4 Citi group Inc. 962 $466,817,064
5 U.S Bancorp 3,238 $263,661, 347
6 Capital of financial corp. 886 $226,933,908
7 PNC financial services group Inc 2,821 $221,109,179
8 Toronto Dominion bank 1,329 $199,544,503
9 Bank of New York Mellon Corp 46 $156,592,067
10 BB&T corporation 1,843 $137,818,798

 

With most number of branches, Wells Fargo & co (NYSE:WFC) made it to third place on the ranking table. With only 46 branches to its name, it is quite commendable to see that the Bank of New York Melon corp. is still not the last in terms of deposits. The difference in the number of branches between the Bank of New York corp. and BB&T Corporation is quite absolute. There is no observable pattern that shows any dependence between total deposits and number of branches. Hence the deposit amount quite clearly relies on performance of the bank with a possible contribution from the number of branches.

As observed in more detailed statistics, Wells Fargo and co. (NYSE:WFC)’s several branches were leading in terms of deposits when compared with the branches of other banks. This is a contributing factor in placing the bank at third place.

Get Free Updates and Stock Alerts!



*We only send one email per week
Share.

Related Posts

Get Winning Stock Alerts!

Our track record speaks for itself! Our last 7 alerts have delivered combined gains in excess of 300% and there are no signs of slowing down. Join UltimateStockAlerts.com now before you miss out on our next big runner!

We will never sell or share your information.
Close