The Best And Worst Banks Of 2023 - Forbes

Feb 16, 2023 · Despite the relative underperformance on profitability and credit quality metrics, the big four trillion-dollar banks still have $11.1 trillion in assets, representing 42% of the $26.4 …

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What makes a good bank in 2023?

In 2023, banks need more than great rates to attract corporate and individual customers. They must also offer quick, multi-channel service both online and in branches, and use that customer service to earn trust. That may be why some top performers on Forbes ’ fifth annual list of the World’s Best Banks aren’t necessarily the biggest game in town. ...

What are the biggest banks in 2023?

As for the largest banks, despite poor marks on financial metrics like net interest margin and net charge-offs that kept them off the list, Bank of America, Citigroup and Wells Fargo each returned more than 20% for shareholders in 2023. “The biggest banks have had a really strong run from a flight to quality standpoint,” says Konrad. ...

How profitable were banks in 2023?

According to FDIC data, 94.8% of U.S. banks were profitable in 2023 and collectively generated $256.9 billion in net income, a 2.3% decline from the previous year. ...

What happened to the banking industry in 2023?

It was a scary year for banks in 2023, as five FDIC-insured institutions accounting for more than half a trillion dollars in assets collapsed. Thankfully, the banking industry emerged from the panic on solid footing, and those that were positioned to pick up the remnants are stronger than ever. ...

How many banks failed in 2023?

According to the FDIC, five banks failed in 2023 following back-to-back years of zero failures, and the $532 billion in failed assets were the most ever recorded in a single year. Given that there weren’t endemic asset quality problems, the industry appears to have emerged with a fairly clean bill of health. ...

How many banks are ranked in the US?

Large nationwide banks and credit unions with branches in more than 15 U.S. states were excluded. All told, 185 banks and 207 credit unions were ranked in one or more states. The rankings for the top banks are directly below. As with all Forbes lists, companies pay no fee to participate or be selected. ...