US Big 8 Financial Corps 2012 Annual Earnings Up $80.7 Bil Over 2008

The US Big 8 Financial Corps generated 2012 Annual Generally Accepted Accounting Principles (GAAP) Total Net Income of $73.9 bil, an improvement of $80.7 bil over the $6.8 bil Total Net Loss recorded in 2008.  Yeah, that's not a misprint.....what an incredible earnings recovery during the Obama Adminstration!  Now if only some of these massive economic benefits could be shared with the other 99% of the US citizens, including all small businesses.

I am using GAAP Net Income here because there are so many large unusual items in each year for some of these companies.

Below here is the GAAP Net Income for both annual 2012 and 2008 for each of these 8 US Big Financial Corps:

		Annual	Annual
		2012	2008	Increase	Increase
		Net	Net	(Decrease)	(Decrease)
Company		Income	Income (Loss)	Amount	%
		mils of $s	mils of $s	mils of $s
US Big 8 Financial
JPMorgan Chase		21,284	3,699	17,585	475%
Wells Fargo		19,368	2,698	16,670	618%
Citigroup		7,909	(32,029)	39,938	125%
Goldman Sachs		7,475	2,322	5,153	222%
General Electric Capital		7,464	8,294	(830)	-10%
US Bancorp		5,490	3,012	2,478	82%
Bank of America		4,188	4,008	180	4%
Morgan Stanley		754	1,238	(484)	-39%
Total all 8		73,932	(6,758)	80,690	1194%

And Bank of America's 2008 Net Income above does not include its Merrill Lynch Subsidiary's Net Loss of $27,551 mil.

The main driver of this $80.7 bil earnings improvement is the extremely cheap interest rate environment that the US Fed has created for all 8 of these US Big Financial Corps.

And another driver of this $80.7 bil earnings improvement are the substantial reductions in the Provisions for Credit Losses recorded by 6 of these 8 US Big Financial Corps.  These 6 US Big Financial Corps had their Total Provisions for Credit Losses go from $107.8 bil in 2008 to only $35.4 bil in 2012.

Below here are the Provisions for Credit Losses in each of the most recent five years for these 6 US Big Financial Corps:

	2012	2011	2010	2009	2008	4 Year
	Provision	Provision	Provision	Provision	Provision	Reduction
	For	For	For	For	For	2008
	Credit	Credit	Credit	Credit	Credit	to
Company	Losses	Losses	Losses	Losses	Losses	2012
	mils $s	mils $s	mils $s	mils $s	mils $s	mils $s
US Big 6 Financial
Citigroup	10,848	11,773	25,194	38,760	33,674	22,826
Bank of America	8,169	13,410	28,435	48,570	26,825	18,656
JPMorgan Chase	3,385	7,574	16,639	32,015	20,979	17,594
Wells Fargo	7,217	7,899	15,753	21,668	15,979	8,762
GE Capital	3,891	3,951	7,085	10,627	7,233	3,342
US Bancorp	1,882	2,343	4,356	5,557	3,096	1,214
Total all 6	35,392	46,950	97,462	157,197	107,786	72,394