The number of US problem banks continued to soar in last year’s fourth quarter to their highest level since 1993, according to a report on Tuesday by the FDIC banking regulator. The report said that 702 banks were considered troubled at the end of 2009, up from 552 three months earlier. Problem assets totalled $402.8bn in the final period, compared with $345.9bn in Q3. By contrast, Lehman Brothers listed $639bn in assets at the time of its bankruptcy filing in September 2008.

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