The nation’s banks are reporting record profits, according to new numbers out Wednesday from the Federal Deposit Insurance Corporation (FDIC). Most of the rest of us aren’t faring quite so well.
Bank profits topped $40.3 billion in the first three months of the year, according to the FDIC, attesting to a strong recovery… in the banking sector. “The banks are back,” Moody’s Analytics chief economist Mark Zandi told the Washington Post Wednesday. “Only four years after the banking system was literally looking into the abyss, it is highly profitable again.” The biggest banks, including Wells Fargo, Bank of America and Citigroup, accounted for most of the industry’s profits.