Tuesday, November 26, 2013

Warning: Banks See Profit Decline

We hate to be the bearers of bad news, but prepare for the deluge that is about to come....

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(Daily Caller) Reeling from a series of legal attacks and stymied by declining demand for mortgages, American banks saw their profit margins narrow for the first time in over four years.

A regulatory update from the Federal Deposit Insurance Corporation (FDIC) noted on Tuesday that bank profits declined $1.5 billion from last year, coming to $36 billion in the third quarter of 2013. That’s the first time U.S. bank earnings have fallen since early 2009, when the financial industry was still smarting from the devastating 2008 mortgage crisis.

The drop was driven largely by the deluge of legal fees drenching America’s largest bank by assets. The FDIC wrote that “one large institution reported a $4 billion year-over-year increase in litigation expenses,” a not-so-subtle reference to JPMorgan Chase. In 2013, JPMorgan paid out nearly $19 billion in damages to the Justice Department and private investors over the bad mortgage bonds peddled by two banks it acquired after their collapse in late 2008.

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1 comment:

  1. Welcome to the club bankers. Working Americans are seeing a decline in their profit margins too


Posted By: Chris Carmouche