The four largest US banks are poised to secure their highest share of industry profits in almost a decade, highlighting their growing market dominance. JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo collectively earned approximately $88 billion in profits during the first nine months of 2024, representing 44% of the US banking industry's total profits. This trend extends to the seven largest banks, which generated nearly 56% of all banking profits in the first nine months of the year, up from 48% in 2023.
The four biggest US banks are on course to capture their largest share of the industry’s profits in almost a decade, a sign of how they are consolidating their dominant market position. JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, the four largest US banks by deposits and assets, collectively reported about $88bn in profits in the first nine months of 2024, according to Financial Times calculations based on figures from industry tracker BankRegData.
Larger businesses can spread these costs over more customers. “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,” said Oppenheimer banking analyst Chris Kotowski. “We’re a very mobile society, especially since Covid.
BANKING PROFITS MARKETSHARE CONSOLIDATION SIZE
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