Trading Revenue at U.S. Bank Holding Companies in 2009
All data from December 2009 FR Y-9C filings. Dollar amounts in millions.
|Total Assets, Dec. 31, 2009||Trading Revenue||Pretax Income||As a Percentage of Pretax Income|
|1||Goldman Sachs Group||$849,278||$23,234||$19,451||119.4%|
|2||Bank of America||2,224,539||12,067||4,592||262.8%|
|Top 6 Aggregate||59,572||51,248||116.2%|
|7||Bank of New York Mellon||212,336||1,032||2,626 *||39.3%|
|Trust and Custody Banks Aggregate||2,139||6,408||33.4%|
|12||PNC Financial Services Group||269,922||170||3,324||5.1%|
|14||Fifth Third Bancorp||113,380||125||767||16.3%|
|15||Sun Trust Banks||174,166||100||(2,450)||N/R|
|Banks Nos. 12 to 15 Aggregate||558||4,273||13.1%|
|Remaining 971 Bank Holding Companies Aggregate||1,399||(19,284)||N/R|
|All Bank Holding Companies (986 banks) Aggregate||64,202||31,908||201%|
* Excludes $4.8B in securities losses related to restructuring of Bank of New York Mellon’s investment securities portfolio in Q3 2009. “N/R” = Not relevant.
Trading profits–better known in the proposed financial reform legislation as proprietary or “prop”–trading are the target of former Fed chief Paul Volcker’s crusade to prohibit or severely limit bank holding companies that have public deposits from this speculative activity.
Wall Street’s gravy train is in danger of being hijacked. Investors beware; the Volcker rule is the single biggest threat to the share price of the oligopoly. Another threat is the cap on future growth of the oligopoly.