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Big banks earned $50 billion

By Marcie Geffner ·
Thursday, January 26, 2012
Posted: 3 pm ET

Anyone who still thinks big U.S. banks are hurting financially might want to take a look at the latest earnings reports from the biggest of the super bigs. Although the income wasn't all that equal, even the smallest pie was more than $1 billion.

Here, with numbers and comments, from the banks' press statements is a roundup.

J.P. Morgan Chase reported record net income of $19 billion, or $4.48 per share, for 2011 and $3.7 billion, or $0.90 per share, also a record, for the fourth quarter of 2011.

CEO Jamie Dimon said that the company's investment bank continued to "rank number one in global investment banking fees " and that the company's total deposits increased to $1.1 trillion, up 21 percent compared with 2010.

Wells Fargo & Co. reported net income of $15.9 billion, or $2.82 per share, for 2011, and record net income of $4.1 billion, or $0.73 per share, for the fourth quarter.

CEO John Stumpf said he was "extremely pleased" with the company's performance, including its "strong deposit and loan growth, record cross-sell and record earnings.”

Citigroup reported net income of $11.3 billion for 2011 and $1.2 billion, or $0.38 per share, for the fourth quarter.

CEO Vikram Pandit said the company "made solid progress in 2011."

Capital One Financial Corp. reported net income of $3.1 billion, or $6.80 per share, for 2011 and fourth-quarter net income of $407 million, or $0.88 per share.

CEO Richard D. Fairbank mentioned the company's "strong underlying performance" and the "compelling financial and strategic value" of its planned acquisitions of ING Direct in the first quarter of this year and the HSBC US Card business in the second quarter.

Bank of America Corp. reported net income of $1.4 billion, or $0.01 per share, for 2011. But the fourth quarter alone accounted for $2 billion, or $0.15 per share.

CEO Brian Moynihan said the company began 2012 "stronger and more efficient after two years of simplifying and streamlining."

"We built our capital ratios to record levels during 2011 on the strength of our core businesses and by shedding those that are not core to serving customers and clients," Moynihan said.

Total 2011 net income for the five banks: $50.7 billion.

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