FDIC-Insured Banks' Q4 Earnings Down on Non-Recurring Charge

The Federal Deposit Insurance Corporation (“FDIC”)-insured commercial banks and savings institutions reported fourth-quarter 2023 earnings of $38.4 billion, plunging 43.7% year over year.Banks, with assets worth more than $10 billion, accounted for a major part of earnings in the September-ended quarter. Though such banks constitute only 3% of the total number of FDIC-insured institutes, these account for approximately 80% of the industry’s earnings. Some of the notable names in this space are JPMorgan (JPM ...