Brokerages in banks saw investment income fall 7% during the first quarter, according to a new report.[@@]
The industry tallied $1.4 billion in income from mutual funds and annuities, down from $1.5 billion in the first quarter of 2004, according to a report from the Bank Insurance and Securities Association, Wayne, Pa.
Among retail banking companies, Bank of America Corp., Charlotte, N.C., held on to first place, with $380 million in investment sales income during the quarter.
The bank, which acquired FleetBoston Financial Corp., Boston, in 2004, has 2,200 Series 7-licensed financial advisors in its 5,800 bank branches, the most of any banking company.
Wachovia Corp., Charlotte, N.C., Bank of America’s archrival, ranked second, with $141 million in investment sales income.
Overall, investment sales income accounted for 2.6% of all noninterest income at 8,930 banks and thrifts in the quarter, down from 3% in the comparable period in 2004, BISA reports.
The study was performed by the Bank Insurance Marketing Research Group, Mamaroneck, N.Y.