American banks just had their most profitable quarter ever. Tax cuts helped drive bank profits to a record $60.2 billion in the second quarter, the FDIC says. That easily topped the $56 billion in profit that banks hauled in during the first quarter. It's no surprise that banks are raking in money as the economy hums along. But the decision by many banks to funnel tax savings into higher dividends and stock buybacks has been controversial.

Source: CNN August 23, 2018 18:00 UTC