4 Charts That Show How Different the Banking Industry Is Today From the Great Recession
The Federal Deposit Insurance Corporation recently posted its second-quarter banking profile, a snapshot of earnings results for all banks insured by the FDIC that provides an overview of how the industry is performing as a whole. Given how much stress the coronavirus pandemic has put on the economy, and the recession the country finds itself in, the FDIC's quarterly profile is a good way to compare the industry now to what it was like during the Great Recession.
And this time around, despite a much different situation, the industry seems like it is in a much better place to deal with a recession. "Although economic stress related to the COVID-19 pandemic continued to affect bank earnings, the industry has remained a source of strength for the economy," FDIC chair Jelena McWilliams said in a statement. Here are four charts that illustrate how much stronger the banking industry is now compared to 2008 and 2009 during the height of the Great Recession.
Source Fool.com
