American banks made a record $171 billion in profit last year, up nearly 5 percent from 2015, according to the Federal Deposit Insurance Corp. That's even more than the banking industry was making before the financial crisis, when Wall Street was making big money off the housing bubble, The Wall Street Journal notes. There were only five bank failures in 2016, the lowest number since 2007.
The impressive profits, together with President Donald Trump's heavy deregulation agenda, have sent bank stocks soaring since the election.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
How much of a blow is ICC arrest warrant for Netanyahu?Today's Big Question Action by Hague court damages Israel's narrative that Gaza conflict is a war between 'good and evil'
-
UK gynaecological care crisis: why thousands of women are left in painThe Explainer Waiting times have tripled over the past decade thanks to lack of prioritisation or funding for women's health
-
'The Hum': the real-life noise behind The ListenersIn The Spotlight Can some of us also hear the disturbing sound that plagues characters in the hit TV show – and where is it coming from?
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
