U.S. bank profits jump 79.5% as large firms shake off failed bank costs

📆 5/29/2024 2:14 PM
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Federal Deposit Insurance Corporation News

FDIC,Bank Failures,Special Assessment

Profits for the U.S. banking sector surged 79.5% to $64.2 billion in the first quarter of 2024, boosted primarily by large banks not shouldering billions in ...

WASHINGTON - Profits for the U.S. banking sector surged 79.5% to $64.2 billion in the first quarter of 2024, boosted primarily by large banks not shouldering billions in special fees they were directed to pay to recover costs incurred by bank failures last spring.

"The banking industry continued to show resilience in the first quarter," said FDIC Chairman Martin Gruenberg in a statement, who noted "deterioration in certain loan portfolios...continues to warrant monitoring." Stocks held by ARK Invest's flagship innovation fund have seen huge losses. Here are the fund's 10 biggest losers.

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