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2003 Bank Investment Sales Fall 4%

By Trevor Thomas

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NU Online News Service, April 19, 2004, 6:01 p.m. EDT – U.S. banks generated $6.1 billion in investment product sales revenue in 2003, down 4% from the total for 2002.[@@]

The Bank Insurance Marketing Research Group, Mamaroneck, N.Y., compiled those figures for the Bank Insurance Securities Association, Wayne, Pa., by drawing on data submitted by more than 5,000 banks to the Federal Deposit Insurance Corp. and the Office of Thrift Supervision.

BIMRG researchers focused solely on retail banks, and they included only revenue from sales of packaged products, such as mutual funds and annuities. Researchers excluded revenue from sales of life insurance and individual stocks and bonds.

BIMRG researchers found that more than 2,300 retail banks sold investment products in 2003.

Wachovia Corp., Charlotte, N.C., topped the list with $594 million in mutual fund and annuity sales, up from $590 million in packaged investment sales in 2002.