Skip to navigationSkip to content

US banks made slightly smaller gigantic profits last year

Reuters/Jo Yong-Hak
A little less of this.
By Melvin Backman
Published Last updated This article is more than 2 years old.

The Federal Deposit Insurance Corporation just released its quarterly report on the financial health of US banks, and it found that profits fell for the first time since the recession—by 1.1%. But weep not for the banking industry. Even with lower mortgage revenue and huge legal costs, it still made $152.7 billion last year, its second-best year ever.

📬 Kick off each morning with coffee and the Daily Brief (BYO coffee).

By providing your email, you agree to the Quartz Privacy Policy.