In the US, corporate profits set a record (in nominal terms) in the third quarter. In relation to GDP, profits were the healthiest they have been since 2006. But not all industries are participating equally.

An article at the parent site digs into the details and finds important differences in the shape of the profit recovery for non-financial companies and financial firms. More specifically, banks do not appear to be participating in the upturn with the same zeal as non-bank financials or non-financial corporates. Could this mark the beginning of a steady decline in the importance of banks to the broader economy?