The four largest banks in the US, JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, have recorded $88 billion in collective profits in the first nine months of the year. This accounts for 44% of the banking industry's profits. When combined with three other large banks, US Bank, PNC, and Truist, the seven institutions are responsible for 56% of all profits in the field. Smaller banks are struggling to compete with the larger banks due to regulation, volatile interest rates, and the digital presence of larger banks.



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