“Profits have soared since the global financial crisis at the five biggest U.S. banks with market-making dealing operations, New York Federal Reserve economists said in an article released on Wednesday,” reports Reuters. “From 2009 to 2014, the combined net income of J.P. Morgan, Citigroup, Bank of America, Goldman Sachs and Morgan Stanley annually averaged $41.73 billion, up from annual average of $25.08 billion from 2002 to 2008, they said.”
J.P. Morgan, Bank of America, Goldman Sachs and Morgan Stanley combine for about 18% of XLF’s weight. XLF is the largest financial services ETF by assets.
Financial Services Select Sector SPDR