Since the financial collapse of 2008, the nation’s largest banks have seen their profits boom, as their share of the market has grown. Reuters reports:
Profits have soared since the global financial crisis at the five biggest U.S. banks with market-making dealing operations, New York Federal Reserve economists said in an article released on Wednesday.
From 2009 to 2014, the combined net income of J.P. Morgan, Citigroup, Bank of America, Goldman Sachs and Morgan Stanley annually averaged $41.73 billion, up from annual average of $25.08 billion from 2002 to 2008, they said.
Meanwhile, community banks are suffering. Why? Because the Democrats’ Dodd-Frank law is killing them, even as it boosts their biggest competitors. ValueWalk headlines: “Dodd-Frank Hurting Community Banks: Harvard Study.”
Read more by John Hinderaker at PowerlineBlog.com