Banks have raked in nearly $1 trillion in profits since the financial crisis, but they paid a steep price along the way.
In total, financial institutions have paid $321 billion in fines related to the crisis, according to a study released this week by the Boston Consulting Group. U.S. banks have shouldered most of those costs, though global institutions also have been hit.
The release comes the same week the FDIC reported that bank profits surged to a record $171.3 billion in 2016, boosted by a best-ever $45.6 billion in the third quarter. The year's proceeds brought the total post-crisis net (measured from the third quarter of 2009) to $987.8 billion, according to FDIC records.
Nevertheless, the study notes that banks have paid heavily for the problems they created and face a tough landscape ahead.
"Managing these costs is a major burden for banks, requiring the creation of a strong non-financial-risk framework to avoid errors of the past," the Boston Consulting authors said.
CNBC
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