Every Major U.S. Bank Was Profitable Last Year
Some commentators have said the banks are in the worst shape since the Great Depression. That isn't close to being correct. Every major U.S. bank was profitable in 2007 (see chart above, click to enlarge).
JP Morgan: For the full-year 2007, net income was a record $15.4 billion on record revenue of $71.4 billion.
Bank of America: For the full year, Bank of America reported earnings of $14.98 billion.
Wachovia: For the full year, Wachovia earned $6.31 billion.
Wells Fargo: For all of 2007, Wells Fargo earned $8.06 billion.
Sun Trust: The company had net income of $1.6 billion in 2007.
Regions Bank: For 2007, Regions earned $1.3 billion.
National City: The company reported full-year earnings of $314 million in 2007.