America’s largest banks are poised to secure their largest share of the banking industry’s profits in nearly a decade after an explosive rise.
JPMorgan Chase, Bank of America, Citigroup and Wells Fargo – the four largest banks in the US – posted combined profits of $88 billion in the first nine months of the year, the Financial Times reports, using figures from BankRegData.
The banking giants now account for 44% of all industry profits, and when you combine the Big Four with US Bank, PNC and Truist – the next largest banks – the seven institutions generate 56% of all industry profits, up from 48% in the sector Year 2023.
PNC Bank did not respond to FT’s request for comment, while the other six banks declined to comment altogether.
Chris Kotowski, banking analyst at Oppenheimer, says:
“Once you start to lag far behind the biggest banks, it becomes really difficult to make the necessary investments and achieve the same level of recognition…
We are a very mobile society, especially since Covid. Many people who move from New York to Florida, for example, wonder whether they really need to have a different bank in Florida than in New…
