Wednesday, August 7, 2013

US Big National/Regional Bank Corps 2Q 2013 Earnings Up 80%

I included Wells Fargo in with my earlier post on the 2Q 2013 Earnings of the Big Six Financial Corps.

There were three other US Big National/Regional Bank Corps with After-tax Earnings of more than $1 bil in either the 2Q 2013 or the 2Q 2012.

These three US Big National/Regional Banks generated 2Q 2013 Total Earnings which increased by a massive 80% over the 2Q 2012, double the 40% Total Earnings increase of the US Big Six Financial Corps.  Whew!

This bifurcation between the 2Q 2013 earnings growth of the US Big Financial Industry and the rest of Corporate America is just massive.  This is taking the US towards what existed before the 2008 financial bubble, where the Earnings of the US Big Financial Corps comprised a very significant portion of the Total Earnings of all of Corporate America.  This is a very bad development, being triggered by the substantial propping up of the US Big Financial Industry by the US Congress, which is under effective control to a large extent by the Big Financial Industry, and by US Fed action, which has overwhelmingly benefited the Big Financial Industry and the wealthy.

Below here are the earnings of these three US Big National/Regional Bank Corps for the 2Q 2013 and for the comparable 2Q 2012:

2Q 2013 2Q 2012

Net Net

Income Income

From From

Continuing Continuing Increase Increase

Operations Operations (Decrease) (Decrease)

mil $s mil $s Amount %
US Big National/Regional Banks

US Bancorp 1,444 1,378                              66 5%
Capital One Financial 1,236 193                        1,043 540%
PNC Financial 1,123 546                            577 106%

Total all 3                        3,803                        2,117                        1,686 80%