The world's banks earned $1.3 trillion in 2022, in "the best period for global banking overall since at least 2007," per a new report from McKinsey. The estimate for 2023 profits, at $1.4 trillion, is even higher. Why it matters: The past two years' headlines have been filled with bad news for banks. But the industry as a whole looks astonishingly healthy. Which, if nothing else, is a good reminder to always look past the headlines. Driving the news: This year has seen the biggest bank failures since the financial crisis. Silicon Valley Bank was felled by higher interest rates; First Republic and Credit Suisse ... (full story)