Large U.S. bank holding companies reported $8.25 billion in securities brokerage commission and fee income for the third quarter of 2010, down 6.5% from the total for the third quarter of 2009.
Michael White Associates (MWA), Radnor, Pa., has published those figures in a summary of results from an analysis of data from 915 "top tier" bank holding companies (BHCs), or BHCs with $500 million or more in consolidated assets.
During the first 3 quarters of 2010, 58% of the 915 large BHCs engaged in securities brokerage activities.
Results for the first 3 quarters of 2010 look better than results for the third quarter.
Bank holding companies of all sizes reported about $27 billion in securities brokerage income for the first 3 quarters of 2010, up 5.6% from the total for the comparable period in 2009.
Bank of America Corp., Charlotte, N.C., topped the securities brokerage income list for the first 3 quarters of 2010, with $7.3 billion in securities income. Securities income amounted to $5.3 billion at Morgan Stanley and Company, New York, and $3.7 billion at Wells Fargo & Company, San Francisco.
- Trevor Thomas
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