news.cuna.org/articles/107985-news-of-the-competition

News of the Competition

October 9, 2015

NEW YORK (10/9/15)--The New York Federal Reserve reported this week that big bank profits have soared in the years following the financial crisis (Reuters Oct. 8). Between 2009 and 2014, the five largest U.S. banks averaged roughly $41.73 billion in profit, up from an average of just more than $25 billion between 2002 and 2008, the New York Fed’s economists said. The five banks are JPMorgan Chase, Citigroup, Bank of America, Goldman Sachs and Morgan Stanley. Economists attribute the growth in profits to healthier trading revenues, which have returned to pre-recession levels. “These trading revenue and income figures suggest that dealers continue to play a key role in liquidity provision,” the Fed economists said (Reuters) …