Signs of life in bank marketing spending?

Recent bank advertising campaigns (from Bank of America, American Express, Chase, Discover, and Visa) is leading to speculation that banks are once gain increasing bank advertising/marketing spend.  However, the latest financial data does not support this contention.  Most financial institutions reported year-over-year declines in advertising/marketing spend in 3Q09, and for many of these, the level of the y/y decline in 3Q09 was higher than that reported in 2Q09.  An exception was U.S. Bank, which grew ad spending 83% y/y to $137MM.

The following table tracks trends in advertising/marketing spend for some leading U.S. financial institutions:

Financial Institution

3Q09 Advertising/
Marketing Spend, $MM

Y/Y Change in 3Q09

Y/Y Change in 2Q09

American Express

                   $504

         22%

         47%

Bank of America

                   $470

         22%

         13%

JPMorgan Chase

                   $440

           3%

          +1%

Citi

                   $317

         36%

         43%

Visa

                   $283

         -12%

         -15%

Wells Fargo

                   $160

           -2%

         -44%

U.S. Bank

                   $137

        +83%

        +21%

Morgan Stanley

                   $126

         -24%

         -35%

Capital One

                   $104

         -61%

         -53%

Discover

                     $78

         -44%

         -22%

PNC

                     $58

         -21%

         -27%

Key

                     $19

         -30%

         -19%

Huntington

                       $7

        +17%

          +2%