All eyes are currently on First Republic as JPMorgan (JPM) announced its takeover of the regional bank in the aftermath of its nearly 41% drop in deposits for the first quarter. However, on the other side of the tracks, banking sector players such as SoFi Technologies pulled off a better than expected first quarter.
The online lender saw total deposits grow by a record $2.7 billion during the quarter. CEO Anthony Noto told Yahoo Finance Live a portion of reported deposits “is likely due to people looking for safer, more well trusted banks and banking relationships.”
Though not all of SoFi's (SOFI) deposit performance was thanks to banking stresses. CEO Noto told Yahoo Finance's Rachelle Akuffo, SoFi would have seen a "strong quarter for deposits" regardless of the banking turmoil, as it was well on its way past $2.3 billion of deposits.
Key Video Moments
00:00:11 SoFi Q1 Deposits
00:00:29 Trust in banking
