Daily News: December 5, 2014

SNL: Five Banks Hold More than 44% of Total Assets

According to SNL Financial’s latest report, five banks hold more than 44% of the U.S. industry’s assets as of September 30, 2014, a dramatic increase from decades past. For purposes of the analysis, SNL defined the banking industry as commercial banks, savings banks and savings institutions.

JPMorgan Chase Bank, Bank of America, Wells Fargo Bank, Citibank and U.S. Bank together held $6.781 trillion in total assets at the end of the third quarter, compared to the $8.565 trillion held by the entire rest of the banking industry. JPMorgan Case Bank, the main commercial bank subsidiary of JPMorgan Chase & Co., owned more than 13% of the entire industry’s assets.

SNL said the concentration of assets among the banking industry’s biggest players has climbed steadily since the 1990s, although the pace of that growth has slowed slightly in recent years. In 1990, for example, the five largest U.S. banks had just $457.92 billion in assets, or 9.68% of the industry’s total assets. Only once — from 1999 to 2000 — did the top five banks’ share of the industry’s assets shrink year over year.

To read the SNL report, click here.