11/27/2013

Declining demand for mortgages and a $4 billion increase in legal fees at one bank led to a 3.9% year-on-year drop in bank profit in the third quarter, the Federal Deposit Insurance Corp. said Tuesday. FDIC-insured banks earned a total net profit of $36 billion in the third quarter, which is $1.5 billion less than the amount reported last year. Banks haven't seen a year-on-year decrease in profit since the second quarter of 2009.

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