Citigroup Leads Banks in Insurance Fees

Citigroup continues to lead the pack in insurance fee income among banks, according to the most recent results from Michael White Associates. The firm logged $1.2 billion in fee income in the first three quarters of 2003, up 18.53% over 2003.

Wells Fargo & Co. came in second with $762 million and a similar increase, 18.14%, over the previous year. BB&T Corp. was a distant third at $434 million, which represented significant growth, 56.43%, over 2003.

The report does not include third-quarter results from MetLife and Greater Bay Bancorp . Through the end of June, MetLife posted $1.59 billion in insurance fee income and had ranked first in 2003. Great Bay Bancorp posted $66.5 million in insurance fee income in the first half of the year and last year ranked ninth.

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Money Management Executive
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