The biggest banks are overbilled more than $2 trillion each year, and they’re not getting a free ride from regulators, according to a new report by Citigroup.
The bank said the amount of money going to the banks in the form of credit card debt is nearly four times the amount they’ve been paid out in revenue.
Citigroup, however, found the overbilling is happening on an even larger scale.
Citicles figures show that the big banks owe roughly $2.9 trillion in debt, and only $1.6 trillion in cash.
That’s a huge gap between the amount the banks are getting paid out and the amount their customers are actually using, the bank said.
Citians latest analysis found that the banks’ overall debt level is roughly $3 trillion higher than it was in the fourth quarter of 2016, a difference that could result in some big changes in how the banks manage their portfolios.
The banks’ debt is growing by roughly $1 trillion each quarter, according the analysis.
In the four-quarter period that ended in June, the banks had $2,566.6 billion in cash on hand, and $1,766.2 billion in short-term investments, compared to $1 billion in the same period a year earlier.
The banks also have much more cash on their balance sheets than they did a year ago.
They have $2 billion more in cash than they had in the third quarter of last year.
The gap between cash on the banks balance sheet and cash on customer balances is about $1 for every $1 they are owed.
However, the biggest culprits are the banks that lend the most money, which has more than doubled since the third-quarter of last season.
Citi s report says that the biggest contributors to banks’ underbilling are those with low balances and those with high balances.
The average credit card balance of the top 10 lenders increased by more than 300 percent between the fourth and fifth quarters of 2016.
That compares to an increase of roughly 60 percent for those with a balance of less than $1 million.
Credit card companies are the biggest players in the lending industry, with $4.5 trillion in total loans in 2016.
The top five lenders by loan size and total loans: Citibank $1 Trainspotting $2 Wells Fargo $1 Credit Card Debt $1 Chase $1