NEW YORK, NY -- (Marketwire) -- 01/24/13 -- Recent earnings released from the major U.S. banks have painted a mixed picture. Goldman Sachs and JPMorgan Chase have surged ahead on strong fourth quarter earnings, while Bank of America and Citigroup earnings were pressured by settlements and steep legal expenses. Research Driven Investing examines investing opportunities in the Banking Industry and provides equity research on Bank of America Corp. (NYSE: BAC) and Citigroup Inc. (NYSE: C).

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Data released by the Federal Reserve last week showed that customers at the 25 largest U.S. banks withdrew a total of $114.1 billion for the week ended January 9th. The decline was the largest weekly drop since the terror attacks of 9/11. The ending of the Federal Deposit Insurance Corp.'s Transaction Account Guarantee program could be responsible for a large portion of the withdrawals.

"We knew that fund managers would re-evaluate where they want to keep their money -- in a non-interest bearing account, another account at the bank or in other investments," ABA's chief economist, James Chessen, said in a recent phone interview. "If it continues there will be reason to be concerned."

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Bank of America reported a net income of $0.7 billion for the fourth quarter of 2012, compared to a net income of $2.0 billion in the fourth quarter of 2011. Financial results in the fourth quarter of 2012 were negatively impacted by $2.7 billion in charges related to the settlements with Fannie Mae. Shares of Bank of America have gained over 60 percent in the past year.

Citigroup reported a net income of $7.5 billion on revenues of $70.2 billion for the full year 2012. This compares to a net income of $11.1 billion on revenues of $78.4 billion for the full year 2011. "Our bottom line earnings reflect an environment that remains challenging - with businesses working through issues like spread compression and regulatory changes - as well as the costs of putting legacy issues behind us." said Citigroup's CEO, Michael Corbat.

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