Major Commercial Banks Post Deteriorated Efficiency Ratio
News: Efficiency ratios at more than 20 big commercial banks in the US, including Citigroup and Bank of America, deteriorated in Q413 despite low spending at the banks. Bank of America's efficiency ratio declined to 80% in Q413 from 75%, while the ratio fell to 69% from 65% at Citigroup. Bancorp's efficiency ratio also deteriorated to 55% in Q413 from 52%. In contrast, JPMorgan Chase posted an improved ratio of 67% from 102% as it recovered from legal expenses which caused a loss in Q313.