III - Bank Holding Companies

CONVERGENCE

BANK HOLDING COMPANIES

Each year Michael White-Symetra benchmarks and ranks the insurance, investment, and mutual fund and annuity fee income programs of banks and bank holding companies, based on data reported to the FDIC and the Federal Reserve. The charts on pages 46-51 show data from institutions with insurance and/or investment operations located within bank holding company (BHC) subsidiaries. The charts on pages 55-59 show data from banks that have generated, either directly or through bank subsidiaries, insurance and investment income and report the data at the bank level.

BANK HOLDING COMPANY INVESTMENT FEE INCOME, 2003-2007 (1)

	Reporting investment fee income
Year	Number	Percent	Investment fee income ($ billions)	Mean investment fee income	Median investment fee income
2003	1,196	57.3%	$41.96	$35,074,606	$139,500
2004	1,256	55.9	45.69	36,378,205	151,000
2005	1,278	56.6	48.93	38,282,635	158,000
2006 (2)	690	72.4	56.44	81,802,288	372,500
2007	678	72.4	62.20	91,744,066	468,000
(1) Income from investment banking, advisory, brokerage, and underwriting fees and commissions. (2) Due to a 2006 redefinition of what constitutes a “small” bank, most BHCs with less than $500 million in consolidated assets were exempt from filing detailed noninterest fee income data. The change reduced the number of BHCs that file the data by 1,300. The lower number of these small BHCs drove national means and medians higher, mainly for insurance brokerage fee income. Source: Michael White-Symetra Bank Holding Company Fee Income Report - 2008.

BANK HOLDING COMPANY INVESTMENT BANKING,
ADVISORY AND UNDERWRITING INCOME, 2007

	Reporting investment banking, advisory and underwriting income
Year	Number	Percent	Investment banking, advisory and underwriting income ($ billions)	Mean investment banking, advisory and underwriting income	Median investment banking, advisory and underwriting income
2007	282	30.1%	$43.70	$154,971,830	$356,000
Source: Michael White-Symetra Bank Holding Company Fee Income Report - 2008.

BANK HOLDING COMPANY SECURITIES BROKERAGE INCOME, 2007

	Reporting securities brokerage income
Year	Number	Percent	Securities brokerage income ($ billions)	Mean securities brokerage income	Median securities brokerage income
2007	540	57.7%	$16.48	$30,514,404	$320,500
Source: Michael White-Symetra Bank Holding Company Fee Income Report - 2008.

BANK HOLDING COMPANY ANNUITY COMMISSIONS, 2007

	Reporting annuity commissions
Year	Number	Percent	Annuity commissions ($ billions)	Mean annuity commissions	Median annuity commissions
2007	398	42.5%	$2.02	$5,082,018	$203,000
Source: Michael White-Symetra Bank Holding Company Fee Income Report - 2008.

BANK HOLDING COMPANY MUTUAL FUND AND ANNUITY INCOME, 2003-2007

	Reporting mutual fund and annuity income
Year	Number	Percent	Mutual fund and annuity income ($ billions)	Mean mutual fund and annuity income	Median mutual fund and annuity income
2003	1,054	50.5%	$15.39	$14,597,508	$141,000
2004	1,103	49.1	17.22	15,614,549	153,000
2005	1,108	49.1	19.46	17,562,670	157,000
2006 (1)	606	63.6	19.33	31,903,754	326,500
2007	595	63.6	22.82	38,353,528	385,000
(1) Due to a 2006 redefinition of what constitutes a “small” bank, most BHCs with less than $500 million in consolidated assets were exempt from filing detailed noninterest fee income data. The change reduced the number of BHCs that file the data by 1,300. The lower number of these small BHCs drove national means and medians higher, mainly for insurance brokerage fee income. Source: Michael White-Symetra Bank Holding Company Fee Income Report - 2008.

BANK HOLDING COMPANY INSURANCE BROKERAGE, UNDERWRITING AND TOTAL INSURANCE FEE INCOME, 2003-2007

	Insurance brokerage fee income (1)
	Reporting insurance brokerage fee income
Year	Number	Percent	Insurance brokerage fee income ($ billions)	Mean insurance brokerage fee income	Median insurance brokerage fee income
2003	1,319	63.2%	$8.37	$6,338,246	$65,000
2004	1,408	62.7	9.63	6,841,733	65,000
2005	1,423	63.1	10.98	7,714,739	65,000
2006 (2)	637	66.8	12.13	19,047,485	209,000
2007	632	67.5	12.26	19,397,464	152,500

	Insurance underwriting fee income (3)
	Reporting insurance underwriting fee income
Year	Number	Percent	Insurance underwriting fee income ($ billions)	Mean insurance underwriting fee income ($ millions)	Median insurance underwriting fee income
2003	109	5.1%	$25.13	$230.5	$484,000
2004	96	4.3	27.43	$285.7	499,500
2005	94	4.2	33.08	$351.9	467,500
2006 (2)	82	8.6	31.35	$382.3	504,000
2007	74	7.9	31.42	$424.6	609,500

	Total insurance fee income
	Reporting total insurance fee income
Year	Number	Percent	Total insurance fee income ($ billions)	Mean total insurance fee income ($ millions)	Median total insurance fee income
2003	1,367	64.3%	$33.50	$24.51	$69,000
2004	1,422	63.3	37.06	26.06	67,000
2005	1,428	63.3	44.06	30.85	67,000
2006 (2)	642	67.4	43.48	67.72	235,500
2007	637	68.1	43.68	68.57	179,000
(1) Income from nonunderwriting activities, mostly from insurance product sales and referrals, service charges and commissions, and fees earned from insurance and annuity sales. (2) Due to a 2006 redefinition of what constitutes a “small” bank, most BHCs with less than $500 million in consolidated assets were exempt from filing detailed noninterest fee income data. The change reduced the number of BHCs that file the data by 1,300. The lower number of these small BHCs drove national means and medians higher, mainly for insurance brokerage fee income. (3) Income from underwriting activities. Source: Michael White-Symetra Bank Holding Company Fee Income Report - 2008.

LEADING BANK HOLDING COMPANIES

TOP TEN BANK HOLDING COMPANIES, 2007

($ millions)

Rank	Company	Assets
1	Citigroup Inc.	$2,187,631,000
2	Bank of America Corporation	1,720,688,423
3	JPMorgan Chase & Co.	1,562,147,000
4	Wachovia Corporation	782,896,000
5	Taunus Corporation (1)	668,199,000
6	Wells Fargo & Company	575,442,000
7	HSBC North America Holdings Inc. (2)	487,754,828
8	U.S. Bancorp	237,615,000
9	The Bank of New York Mellon Corporation	197,839,000
10	Suntrust Banks, Inc.	179,573,933
(1) Taunus' holder, Deutsche Bank, is an FHC. (2) HSBC N.A. Holdings Inc.'s holder, HSBC Holding PLC, is an FHC. Source: Board of Governors of the Federal Reserve System.

The top 10 BHCs or their parents all have FHC status, allowing them to engage in expanded financial services activities.
To qualify for the Federal Reserve’s ranking of top bank holding companies, the BHC must qualify by asset size, meet specified data filing requirements and be engaged in significant banking activities.

TOP TEN BANK HOLDING COMPANIES IN
TOTAL INSURANCE PREMIUMS UNDERWRITTEN, 2007

($000)

			Total insurance premiums
Rank	Bank holding company	State	2006	2007	Percent change	2007 Assets
1	MetLife, Inc.	NY	$26,412,139	$27,894,694	5.61%	$558,563,489
2	Citigroup Inc.	NY	1,479,000	1,518,000	2.64	2,187,631,000
3	HSBC North America Holdings Inc.	IL	991,386	680,151	-31.39	487,754,828
4	Bank of America Corporation	NC	201,852	312,537	54.83	1,720,688,423
5	JPMorgan Chase & Co.	NY	399,000	286,000	-28.32	1,562,147,000
6	Wells Fargo & Company	CA	251,000	258,000	2.79	575,442,000
7	National City Corporation	OH	103,705	97,650	-5.84	150,383,641
8	Wachovia Corporation	NC	62,000	93,000	50.00	782,896,000
9	SunTrust Banks, Inc.	GA	37,114	43,288	16.64	179,573,933
10	U.S. Bancorp	MN	37,000	36,000	-2.73	237,615,000
Source: Michael White-Symetra Bank Holding Company Fee Income Report - 2008.

TOP TEN BANK HOLDING COMPANIES
IN INSURANCE UNDERWRITING NET INCOME, 2007

($000)

Rank	Bank holding company	State	Total insurance underwriting net income	Total net income/loss	Insurance net income as a percent of total net income	2007 Assets
1	MetLife, Inc.	NY	$4,010,000	$4,316,856	92.89%	$558,563,489
2	Citigroup Inc.	NY	849,000	3,617,000	23.47	2,187,631,000
3	Wells Fargo & Company	CA	818,000	8,057,000	10.15	575,442,000
4	HSBC North America Holdings Inc.	IL	145,131	-5,934,533	-2.45	487,754,828
5	JPMorgan Chase & Co.	NY	136,000	15,365,000	0.89	1,562,147,000
6	Bank of America Corporation	NC	131,560	14,981,646	0.88	1,720,688,423
7	Wachovia Corporation	NC	74,000	6,312,000	1.17	782,896,000
8	Old National Bancorp	IN	41,289	74,890	55.13	7,847,799
9	SunTrust Banks, Inc.	GA	30,146	1,634,015	1.84	179,573,933
10	National City Corporation	OH	24,749	313,975	7.88	150,383,641
Source: Michael White-Symetra Bank Holding Company Fee Income Report - 2008.

TOP TEN BANK HOLDING COMPANIES IN
INSURANCE BROKERAGE FEE INCOME, 2007 (1)

($000)

			Insurance brokerage fee income
Rank	Bank holding company	State	2006	2007	Percent change	Percent of noninterest income, 2007	2007 Assets
1	MetLife, Inc.	NY	$5,084,652	$5,616,982	10.47%	15.57%	$558,563,489
2	Citigroup Inc.	NY	1,723,000	2,016,000	17.01	6.01	2,187,631,000
3	Wells Fargo & Company	CA	1,071,000	1,272,000	18.77	7.21	575,442,000
4	BB&T Corporation	NC	805,869	842,087	4.49	30.33	132,617,601
5	Bank of America Corporation	NC	340,381	317,948	-6.59	1.10	1,720,688,423
6	HSBC North America Holdings	IL	51,273	170,026	231.61	2.35	487,754,828
7	Wachovia Corporation	NC	386,000	156,000	-59.59	1.16	782,896,000
8	JPMorgan Chase & Co.	NY	401,000	138,000	-65.59	0.31	1,562,147,000
9	Regions Financial Corp.	AL	83,406	97,176	16.51	3.52	141,043,932
10	Commerce Bancorp, Inc.	NJ	83,084	84,624	1.85	11.89	49,372,382
(1) Income from nonunderwriting activities, insurance product sales and referrals, service charges and commissions, and fees earned from insurance and annuity sales. Source: Michael White-Symetra Bank Holding Company Fee Income Report - 2008.

TOP TEN BANK HOLDING COMPANIES IN INVESTMENT FEE INCOME, 2007

($000)

			Investment fee income
Rank	Bank holding company	State	2006	2007	Percent change	Percent of noninterest income, 2007	2007 Assets
1	Citigroup Inc.	NY	$14,309,000	$16,464,000	15.06%	49.04%	$2,187,631,000
2	JPMorgan Chase & Co.	NY	8,455,000	10,831,000	28.10	24.04	1,562,147,000
3	Wachovia Corporation	NC	4,622,000	7,538,000	63.09	55.85	782,896,000
4	Bank of America Corporation	NC	6,021,395	6,876,276	14.20	23.73	1,720,688,423
5	Franklin Resources, Inc.	CA	5,103,886	6,270,861	22.86	96.90	9,626,705
6	Taunus Corporation	NY	2,781,000	2,509,000	-9.78	109.85	668,199,000
7	Wells Fargo & Company	CA	1,723,000	1,985,000	15.21	11.25	575,442,000
8	Barclays Group US Inc.	DE	381,912	976,274	155.63	147.98	343,735,670
9	PNC Financial Services Group	PA	1,437,717	899,920	-37.41	23.71	138,976,249
10	Regions Financial Corp.	AL	637,651	822,092	28.93	29.76	141,043,932
Source: Michael White-Symetra Bank Holding Company Fee Income Report - 2008.

TOP TEN BANK HOLDING COMPANIES IN INVESTMENT BANKING, ADVISORY AND UNDERWRITING INCOME, 2007 (1)

($000)

			Investment banking, advisory and underwriting income
Rank	Bank holding company	State	2007	Percent of noninterest income, 2007	2007 Assets
1	Citigroup Inc.	NY	$16,278,000	48.49%	$2,187,631,000
2	JPMorgan Chase & Co.	NY	7,965,000	17.68	1,562,147,000
3	Franklin Resources, Inc.	CA	6,270,861	96.90	9,626,705
4	Wachovia Corporation	NC	4,942,000	36.62	782,896,000
5	Bank of America Corporation	NC	2,915,766	10.06	1,720,688,423
6	Taunus Corporation	NY	1,345,000	58.89	668,199,000
7	PNC Financial Services Group	PA	621,504	16.37	138,976,249
8	Barclays Group US Inc.	DE	400,696	60.74	343,735,670
9	Wells Fargo & Company	CA	391,000	2.22	575,442,000
10	HSBC North America Holdings	IL	364,223	5.04	487,754,828
(1) Data not compiled prior to 2007. Source: Michael White-Symetra Bank Holding Company Fee Income Report - 2008.

TOP TEN BANK HOLDING COMPANIES IN SECURITIES BROKERAGE INCOME, 2007 (1)

($000)

			Securities brokerage income
Rank	Bank holding company	State	2007	Percent of noninterest income, 2007	2007 Assets
1	Bank of America Corporation	NC	$3,834,979	13.24%	$1,720,688,423
2	JPMorgan Chase & Co.	NY	2,703,000	6.00	1,562,147,000
3	Wachovia Corporation	NC	2,113,000	15.66	782,896,000
4	Wells Fargo & Company	CA	1,478,000	8.37	575,442,000
5	Taunus Corporation	NY	1,164,000	50.96	668,199,000
6	The Bank of New York Mellon Corporation	NY	792,000	8.55	197,839,000
7	Regions Financial Corp.	AL	680,773	24.64	141,043,932
8	Barclays Group US Inc.	DE	575,578	87.24	343,735,670
9	Stifel Financial Corp.	MO	430,897	58.71	1,490,571
10	BB&T Corporation	NC	237,972	8.57	132,617,601
(1) Data not compiled prior to 2007. Source: Michael White-Symetra Bank Holding Company Fee Income Report - 2008.

TOP TEN BANK HOLDING COMPANIES IN ANNUITY COMMISSIONS, 2007 (1)

($000)

			Annuity commissions
Rank	Bank holding company	State	2007	Percent of noninterest income, 2007	2007 Assets
1	Wachovia Corporation	NC	$483,000	3.58%	$782,896,000
2	JPMorgan Chase & Co.	NY	163,000	0.36	1,562,147,000
3	Bank of America Corporation	NC	125,531	0.43	1,720,688,423
4	Wells Fargo & Company	CA	116,000	0.66	575,442,000
5	SunTrust Banks, Inc.	GA	114,903	3.63	179,573,933
6	Citigroup Inc.	NY	106,000	0.32	2,187,631,000
7	U.S. Bancorp	MN	91,000	1.27	237,615,000
8	PNC Financial Services Group	PA	68,446	1.80	138,976,249
9	HSBC North America Holdings	IL	58,025	0.80	487,754,828
10	BancWest Corporation	HI	46,804	6.48	74,209,491
(1) Data not compiled prior to 2007. Source: Michael White-Symetra Bank Holding Company Fee Income Report - 2008.

TOP TEN BANK HOLDING COMPANIES IN MUTUAL FUND AND ANNUITY
FEE INCOME, 2007

($000)

			Mutual fund and annuity fee income
Rank	Bank holding company	State	2006	2007	Percent change	Percent of noninterest income, 2007	2007 Assets
1	Franklin Resources, Inc.	CA	$2,325,129	$5,789,149	148.98%	89.46%	$9,626,705
2	MetLife, Inc.	NY	2,931,469	3,542,355	20.84	9.82	558,563,489
3	Wachovia Corporation	NC	1,858,000	2,567,000	38.16	19.02	782,896,000
4	Bank of America Corporation	NC	1,786,783	2,116,594	18.46	7.31	1,720,688,423
5	JPMorgan Chase & Co.	NY	1,746,000	1,890,000	8.25	4.19	1,562,147,000
6	Citigroup Inc.	NY	1,533,000	1,752,000	14.29	5.22	2,187,631,000
7	Wells Fargo & Company	CA	384,000	1,429,000	272.14	8.10	575,442,000
8	Taunus Corporation	NY	486,000	513,000	5.56	22.46	668,199,000
9	U.S. Bancorp	MN	327,000	385,000	17.74	5.38	237,615,000
10	The Bank of New York Mellon Corporation	NY	1,111,852 (1)	360,000	-67.62	3.89	197,839,000
(1) Represents the sum of the proprietary mutual fund and annuity income earned by both The Bank of New York Company, Inc. and Mellon Financial Corporation in 2006 and prior to their merger on July 1, 2007. Source: Michael White-Symetra Bank Holding Company Fee Income Report - 2008.

TOP TEN BANK HOLDING COMPANIES IN PROPRIETARY
MUTUAL FUND AND ANNUITIES ASSETS UNDER MANAGEMENT, 2007

($000)

			Proprietary mutual fund and annuities assets under management
Rank	Bank holding company	State	2006	2007	Percent change	2007 Assets
1	Franklin Resources, Inc.	CA	$396,509,433	$643,745,115	62.35%	$9,626,705
2	JPMorgan Chase & Co.	NY	248,178,000	608,517,000	145.19	1,562,147,000
3	MetLife, Inc.	NY	527,733,795	558,563,489	5.84	558,563,489
4	The Bank of New York Mellon Corporation (1)	NY	221,637,000	300,691,000	35.67	197,839,000
5	Bank of America Corporation	NC	257,732,649	290,074,305	12.55	1,720,688,423
6	Wells Fargo & Company	CA	126,140,000	154,892,000	22.79	575,442,000
7	Taunus Corporation	NY	127,855,000	132,260,000	3.45	668,199,000
8	Citigroup Inc.	NY	5,022,000	117,678,000	2,243.25	2,187,631,000
9	Wachovia Corporation	NC	108,038,000	113,600,000	5.15	782,896,000
10	U.S. Bancorp	MN	72,937,000	88,108,000	20.80	237,615,000
(1) Represents the sum of the proprietary mutual fund and annuity assets under management held by both The Bank of New York Company, Inc. and Mellon Financial Corporation at the end of 2006 and prior to their merger on July 1, 2007. Source: Michael White-Symetra Bank Holding Company Fee Income Report - 2008.