Amid a catastrophic economic climate, it was no surprise
the 2008 full-year US banking results made painful reading (see
New leaders emerge from the
chaos).
Winners – there were a few, but in the past 12 months the term
is relative – include TD Bank, owned by Canada’s Toronto-Dominion
group. BB&T, with net income down 12.4 percent at $1.52, and
M&T, down 15 percent at $556 million, also escaped the worst of
the carnage.
Go deeper with GlobalData
As for the losers, the big one is Citi. It has the dubious
distinction of posting a loss in each of the four quarters of the
year, transforming a group profit in 2007 of $3.6 billion into a
loss of $18.7 billion for 2008.
For Bank of America, a tumultuous year ended with retail banking
profits falling by 55 percent. Over the course of the year, its
market capitalisation collapsed from $183 billion to $38
billion.
One standout feature of the year was the increasing grip the
country’s biggest banks have in terms of distribution, with Bank of
America, JPMorgan Chase, Citi, Wells Fargo and PNC Financial now
owning 21,000 branches between them, or 21 percent of the 99,105
bank branches in the US.
In terms of total deposits, the concentration is even more
pronounced: Bank of America, Wells Fargo and Chase now control
almost one-third of all US retail deposits.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataSee New leaders emerge from the
chaos for full results analysis
