On Monday's MarketFoolery, host Chris Hill, Motley Fool One analyst Jason Moser, and Stock Advisor Canada analyst Taylor Muckerman, look at big banks and the banking industry.

Chris notes that Citigroup (NYSE:C) was up today and that its Q2 profits and revenue came out better than expected. The good news comes as Citi agreed to pay $7 billion to settle government claims that it misled investors about mortgage-backed bonds sold ahead of the 2008 crisis. Taylor explores some of the shakeups and changes in the bank and then looks at legal issues with the Justice Department crackdown, noting that the consequences of the banking crisis from 2008 are still echoing through the industry. Jason looks at big banks with a large amount of skepticism. He thinks they're continually involved in scandals and doesn't see a compelling reason to investing in them. Instead, he suggests look for a well-run insurer as a substitute.