Why Bank Of America And Wells Fargo Stocks Are Falling Today - Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC)

Bank of America Corp BAC and Wells Fargo & Co WFC are trading lower by 2.20% and 3.30%, respectively, on Wednesday following the Q1 2023 report from the FDIC, which shows the most significant Q1 deposit decline since 1984.
Total deposits fell 2.5% Q/Q, marking the fourth consecutive quarterly decline, on a drop in estimated uninsured deposits (-8.3%).
On the other hand, wholesale funding rose 14.4% in the quarter, which provided a little relief.
U.S. Banks' net income increased 16.9% Q/Q, aided by higher noninterest income.
Taking into consideration the two failed-bank acquisitions, the net income was broadly flat Q/Q.
Also, net operating revenues rose 7.6% Q/Q in the quarter.
Unrealized losses on securities decreased 16.5% Q/Q, marking a decline for the second consecutive quarter.
The leverage capital ratio expanded 17 basis points Q/Q to 9.15% on higher retained earnings and lower average assets.
Price Action: BAC shares are trading lower by 2.21% at $27.64, and WFC shares are down 3.30% at $39.63 on the last check Wednesday.
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