Wells Fargo overtook Citigroup Inc. in 2012 to lead all banks in insurance brokerage fee income, according to a recent report, but overall insurance brokerage fee income for banks dropped 20 percent for the year.
The “Insurance Fee Income Report” by Michael White Associates says insurance brokerage fee income dropped fell to $6 billion for the year.
Citibank Inc. and Bank of America Corp. were responsible for the majority of the fee losses. with a combined drop of over $1.5 billion in insurance brokerage income between 2011 and 2012.
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