JPMorgan Chase and Company Chairman and CEO Jamie Dimon testifies before a Senate Banking, Housing, and Urban Affairs hearing on "Annual Oversight of the Nation’s Largest Banks", on Capitol Hill in Washington, U.S., September 22, 2022. NEW YORK, Jan 13 (Reuters Breakingviews) – A recession is coming for U.S. banks, but it’s wearing comfortable shoes. JPMorgan (JPM.N) , Bank of America (BAC.N) , Citigroup (C.N) and Wells Fargo (WFC.N) all warned of a weakening economy on Friday. Nonetheless the lenders are pretty optimistic that both they and their borrowers can easily weather a bigger downturn. Big banks have stepped up charges they take to cover the possibility customers don’t pay them back. Collectively, the four biggest lenders set aside $6.2 billion in the last three months of 2022, a third more than in the preceding quarter. Just over half was for debt that has gone bad, and the rest was for debt that might. The recession they all foresee, though, sounds pretty casual. Consider credit cards, one of the riskiest and most lucrative kinds of debt. Citigroup chief Jane Fraser sees a rise in delinquencies, but only to a “normal” level. Bank of America is writing off 1.7% of […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
