U.S. Mega Banks Are This Close to Breaking Their Profit Record
- Quarterly net income at top 10 firms now barely shy of record
- Barney Frank calls it proof rules ‘in no way’ held back profit
Big Banks Climbing Back to Record Profits
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The last time big U.S. banks made so much money, the financial world was heading toward the brink of collapse. This time, it’s stiff regulation that’s in danger.
Ten of the nation’s biggest lenders including JPMorgan Chase & Co. and Bank of America Corp. together made $30 billion last quarter, just a few hundred million short of the record in the second quarter of 2007, according to data compiled by Bloomberg. The achievement comes just as the industry’s long campaign against post-crisis rules finds traction with the Trump administration.