Did You Know That

bankAs of September 30, 2013, The United States’ five largest banks and thrifts owned 44 percent of the bank and thrift industry’s total assents? This is according to an analysis by SNL Financial.

The six biggest U.S. banks, led by JPMorgan Chase and Bank of America, have piled up $103 billion in legal costs since the financial crisis, more than all dividends paid to shareholders in the past five years. That’s the amount allotted to lawyers and litigation, as well as for settling claims about shoddy mortgages and foreclosures, according to data compiled by Bloomberg.

Although they compose only about 10 percent of the banking industry in terms of assets, community banks make up about 97 percent of all U.S. banks and include almost 7,000 community institutions, according to ICBA. Their assets range from less than $10 million to $10 billion or more.

Based on the International Financial Reporting Standards, or IFRS, not one U.S. bank made the top 5 list of largest banks in the world. In fact, the U.S.’s biggest bank is only the world’s sixth largest. That bank is JPMorgan Chase.

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