JPMorgan Chase, Wells Fargo and Bank of America say they have lost $ 5,188 billion of customers who are unable to pay their bills.
The banks outlined the Q4 losses in “Netto-offs-offs” statements, in which loans are revealed that the banks are declared inaccessible and removed from their books after exhausting efforts to repair the amounts owed.
JPMorgan Chase reported the highest load-offs at $ 2.4 billion, largely driven by customers with large unpaid balances on their credit cards.
Bank of America recorded $ 1.5 billion in cargo-offs, also mainly from its credit card portfolio.
And Wells Fargo reported $ 1,288 billion in load-offs, fed by higher credit card losses and loss of commercial real estate in its office portfolio.
The new songs come when the American credit card debt reaches a record $ 1.21 trillion, according to New numbers from the Federal Reserve Bank of New York.
The collective losses at the three banks represent an increase of $ 188 million compared to the previous quarter and an increase of $ 460 million compared to a year ago.
Despite the losses, the banks reported large income in Q4, with JPMorgan Chase that declares $ 14 billion in profit, Bank of America reported $ 6.7 billion and Wells Fargo was $ 5.1 billion.
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