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The FDIC reports that the number of US lenders with financial, operational, or managerial weaknesses increased by eight to 52 in the last quarter of 2023. US bank profits dropped by 44% in Q4 as major firms covered costs related to failed banks. The banking industry saw unrealized losses on securities of $477.6 billion in Q4, a significant decline from the previous quarter.
SO, the US banking industry had a particularly disappointing Q4, but nobody says a word..... "Quarterly Net Income Fell 43.9 Percent From Third Quarter 2023, Driven by Higher Noninterest and Provision Expense and Lower Noninterest Income" @FDICgov https://t.co/cWf012AqRm
FDIC: The banking industry reported unrealized losses on securities of $477.6 billion in the fourth quarter, a decline of $206.3 billion (30.2 percent) from third quarter 2023.
US bank profits plunge 44% in Q4 amid failed bank costs https://t.co/WldXRRm5r7 https://t.co/TdzhRAac63