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.
- Bank of America ($1.42 billion)
- Wells Fargo
- U.S. Bank
- 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!