According to a recent study, JPMorgan Chase Bank was responsible for a significant 18% slice, amounting to $11.7 billion, of the total $64.2 billion in net income reported by all FDIC-insured banks during the first quarter of 2024. This information, brought to light by financial analysts Pam Martens and Russ Martens from wallstreetonparade.com, underscores the trend of profits becoming increasingly concentrated within a small number of major financial institutions. In comparison, the following three largest banks – Bank of America, Wells Fargo, and Citigroup – collectively earned $26.83 billion, representing 42% of the profits in the overall banking industry. The study also highlights the expanding market dominance of JPMorgan Chase and the elevated systemic risk associated with such concentration in the financial sector.
