Subscribe

U.S. Banks Rake In Record $40.3 Billion in Quarter

Tracy Bloom
Assistant Editor
Tracy Bloom left broadcast news to study at USC\'s Annenberg School for Communication and Journalism. There she eventually became deputy editor of Neon Tommy, the most-trafficked online-only college website in…
Tracy Bloom

Business is clearly good again for the financial institutions that were rescued by American taxpayers just a few short years ago. Thanks in part to increased revenue from customer fees, U.S. banks’ profits soared to a record high for the first quarter of 2013, the Federal Deposit Insurance Corp. reported Wednesday. According to the FDIC, the banking industry earned $40.3 billion from January to March, the highest ever for a single quarter and a figure nearly 16 percent more than the same period a year ago.

The Associated Press via The Huffington Post:

Record profits show banks have come a long way from the 2008 financial crisis. But the report offered a reminder that the industry is still struggling to help the broader economy recover from the Great Recession.

Only about half of U.S. banks reported improved earnings from a year earlier, the lowest proportion since 2009. That shows the industry’s growth is being driven by a narrower group of the nation’s largest banks.

Those banks include Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. Most of them have recovered with help from federal bailout money and record-low borrowing rates.

Read more

— Posted by Tracy Bloom.

Advertisement

Now you can personalize your Truthdig experience. To bookmark your favorite articles, please create a user profile.

Personalize your Truthdig experience. Choose authors to follow, bookmark your favorite articles and more.
Your Truthdig, your way. Access your favorite authors, articles and more.
or
or

A password will be e-mailed to you.

Statements and opinions expressed in articles and comments are those of the authors, not Truthdig. Truthdig takes no responsibility for such statements or opinions.