Insurance brokerage fee income that bank holding companies earned in the first three quarters of 2012 swooned to $5.47 billion, down 7.1% from the year before, according to the Michael White Prudential Bank Fee Income Report.
Banks can attribute the decline to an abysmal third quarter, which was one the three worst quarters for the industry in the last nine years. For the third quarter of 2012, banks generated a paltry $1.58 billion in insurance brokerage fee income, a whopping 21.3% drop from the $2.01 billion earned in the year-ago quarter.
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