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Deposits sank to $104.5 billion as of March 31, down 41% from the end of 2022, even after the country's largest lenders parked $30 billion of their own cash with the San Francisco-based bank in an effort to shore up its finances.

Prosecutors claim every dollar in subsidy funds from settlements equates to ten times the amount in value in home lending efforts.

First-quarter results on Monday showed that its key units continued to lose money and shed clients, and the firm borrowed far more from a central bank liquidity backstop than previously known.

"Crisis is too strong a word, and words like that get used a lot," though there was "a fair amount of disruption for a few weeks there," Moynihan said.

Executives at the Minneapolis bank responded to a research report that highlighted the decline in a key capital ratio after an acquisition last year. They don't plan to raise capital but aim to generate more of it from earnings in coming quarters.

The Tennessee bank confirmed in its earnings report that the deal, already delayed by several months amid heightened regulatory scrutiny, likely would not close by a May 27 deadline. No new target date has been set.

Headcount at the nation's second-largest bank has fallen by around 1,000 since the end of last month. More job reductions are in the works after noninterest expenses rose by 6% during the first quarter.

As the Wall Street giant continues to scale back its consumer banking ambitions, the point-of-sale loan provider that it purchased in 2022 could be the latest target. And CEO David Solomon said there might be more moves ahead.

The largest U.S. bank by assets raised its forecast for net interest income in 2023 to $81 billion from $74 billion, a positive sign for investors wondering how an economic downturn might weigh on profits.

Chase, Wells Fargo both reported increased gain on sale margins in the first quarter over the fourth, a potentially promising indicator for upcoming IMB earnings.