Bank Annuity Fee Income Dips 5.5% In 1Q
August 4, 2015 by Cyril Tuohy
Income earned from the sale of annuities by large banking companies fell 5.5 percent to $840.1 million in the first quarter of 2015 from the year-ago period as investors preferred to hold off on tying up their capital in hopes of a rise in interest rates.
Among the top 10 bank holding companies, eight reported declines in annuity fee income, according to data published by the banks consultant Michael White, president of Michael White & Associates in Radnor, Pa.
At Citigroup, annuity fee income dropped 19 percent; at Bank of America, annuity fee income dropped 16.6 percent, and at JPMorgan Chase, annuity fee income shrunk by 17.2 percent, the consultant reported. Click HERE to read article