JPMorgan Chase, Bank of America, Citigroup and Wells Fargo Consolidate Power Over Banking Industry Amid Record Profit Share: Report

America’s biggest banks are about to lock in their largest share of the banking industry’s profits in nearly ten years after an explosive run-up. JPMorgan Chase, Bank of America, Citigroup and Wells Fargo – the four largest banks in the US – recorded $88 billion in collective profits 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 the industry’s profits, and when you combine the “Big Four” with US Bank, PNC and Truist – the next three largest banks – the seven institutions are reaping 56% of all the profits in the field, up from 48% in 2023. PNC bank didn’t respond to FT’s requests for comments while the other six banks declined to comment altogether. Says Oppenheimer banking analyst Chris Kotowski, “Once you get much below the biggest banks, then it does become really hard to make the necessary investments and have the same name recognition… We’re a very mobile society, especially since Covid. Lots of people that move from New York to Florida for example, do you really need to have a different bank in Florida than you do in New York?” The consolidation of power by the biggest US banks highlights the struggle of smaller institutions to deal with regulation, volatile interest rates and the ability of larger banks to spread their presence digitally across the country. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post JPMorgan Chase, Bank of America, Citigroup and Wells Fargo Consolidate Power Over Banking Industry Amid Record Profit Share: Report appeared first on The Daily Hodl .