Banks’ mutual fund and annuity fee income dropped 10.6% last year, according to a study by Michael White Associates LLC.
Based on data reported by all 8,000 commercial and FDIC-regulated savings banks, MWA, Radnor, Pa., found banks’ mutual fund and annuity fee income fell from $5.6 billion in 2004 to a little over $5 billion last year.
Only 25% of the surveyed banks actually earned mutual fund or annuity fee income, MWA found.