Bank of America, Citigroup, Wells Fargo, JPMorgan Chase Report Billions in Profit

Must be nice. No federal tax expense and billions in profit.

Bank Of America Rakes In $6.2 Billion Profit

Bank of America reported net income of $6.2 billion, or 56 cents per share, for the third quarter of 2011, compared with a net loss of $7.3 billion, or 77 cents per share a year-ago period.

The nation’s largest bank reported total revenue of $28.5 billion, a 6% increase. Analysts’ consensus forecast for earnings per share of 20 cents on revenue of $25.9 billion.

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Most Prestigious Banks

999 banking professionals were surveyed in order to rank the top 50 firms in commercial and investment banking. Here are the top 25:

1 Goldman Sachs & Company

2 The Blackstone Group

3 Morgan Stanley

4 Lehman Brothers

5 JPMorgan Investment Bank

6 Merrill Lynch

7 Citi Markets & Banking

8 Lazard

9 Credit Suisse Investment Banking Division

10 UBS Investment Bank

11 JPMorgan Chase - Commercial Bank

12 Deutsche Bank

13 Bear Stearns & Co.

14 Citigroup Inc. (Citi)

15 Bank of America

16 Greenhill & Co.

17 Barclays Capital

18 Wachovia Corporation

19 Rothschild

20 HSBC

21 Houlihan Lokey

22 Jefferies

23 Perella Weinberg Partners

24 Wells Fargo

25 Royal Bank of Scotland

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