Despite Legal Costs, Big Six U.S. Banks’ 2013 Profit 2nd Highest Ever

“Combined profit at the six largest U.S. banks jumped last year to the highest level since 2006, even as the firms allocated more than $18 billion to deal with claims they broke laws or cheated investors.  A stock-market rally, cost cuts and a decline in bad loans boosted the group’s net income 21 percent to $74.1 billion, according to analysts’ estimates compiled by Bloomberg. That’s second only to 2006, when the firms reaped $84.6 billion at the peak of the U.S. housing bubble. The record would have been topped were it not for litigation and other legal expenses.”

http://www.bloomberg.com/news/2014-01-09/big-six-u-s-banks-2013-profit-thwarted-by-legal-costs.html

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