Top 5 Bank Annuity Providers in First 3 Quarters of 2008

The Michael White-Symetra Bank Fee Income Report was recently released, revealing the banks that earned the most combined income in mutual fund and annuities fees during the first three quarters of 2008.

  1. Bank of America ($1.42 billion)
  2. Wachovia
  3. Wells Fargo
  4. U.S. Bank
  5. JPMorgan Chase
According to the Retirement Income Journal, Q1-Q3 2008 saw a nearly 14% increase in bank annuity fees and commissions, although it was down 18% in the third quarter. Income from annuity and mutual fund sales and servicing dropped by 8% in the same three quarters, compared to 2007.
Also, remember that Wells Fargo recently bought Wachovia!
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