In 2023, JPMorgan Chase, Wells Fargo, and Bank of America collectively reported $2.2 billion in overdraft fees, a decrease of $700 million from 2022. The three largest American retail banks saw a 25% reduction in overdraft revenue as they introduced new ways for customers to avoid penalties. Industrywide overdraft revenue in 2022 was $7.7 billion, 35% lower than in 2019, according to the CFPB. US banking profits declined by $38 billion in the final months of 2023, with $JPM and $BAC experiencing 17% and 16% profit declines, respectively.
"US banking profits plunged 45% in final months of 2023" (FT) $38bn decline included $16bn FDIC levy, $5bn higher credit provisions & $4bn securities loss But $JPM profits only fell 17%; $BAC's only fell 16% My guess: lower deposit costs, lower CRE exposure and IB revenues https://t.co/JI5NAfZJkk
"US banking profits plunged 45% in final months of 2023" (FT) $38bn decline included $16bn FDIC levy, $5bn higher credit provisions & $4bn securities loss But $JPM profits only fell 17%; $BAC's only fell 16% https://t.co/JI5NAfZJkk
$JPM $WFC $BAC JPMorgan Chase, Wells Fargo and Bank of America reported a combined $2.2B in overdraft fees in 2023, roughly $700M less than in 2022. Industrywide overdraft revenue = $7.7B in 2022, 35% below the 2019, according to CFPB; all banks with at least $1B in assets. https://t.co/QJKd8mtTx3
$JPM $WFC $BAC JPMorgan Chase, Wells Fargo and Bank of America reported a combined $2.2 billion in overdraft fees in 2023, roughly $700 million less than in 2022, according to regulatory filings. https://t.co/uqyl5hJVrV
The three biggest American retail banks collected 25% less overdraft revenue last year as the companies, under pressure from regulators to cap the fees, created new ways for customers to avoid the penalties. - @CNBC https://t.co/sGtkkUCNcb
Big banks have drastically cut overdraft fees, but customers still paid $2.2 billion last year https://t.co/VNjotdZqqN