The biggest US banks are poised to write off more bad loans than they have since the early days of the pandemic as higher-for-longer interest rates and a potential economic downturn are putting borrowers in a bind, according to a Bloomberg report.
According to the Bloomberg report, JPMorgan Chase, Citigroup and Wells Fargo, which report third-quarter results Friday, will join Bank of America — which comes Tuesday — in posting roughly $5.3 billion in combined third-quarter net charge-offs, the highest for the group since the second quarter of 2020, according to data compiled by Bloomberg.
Read the full Bloomberg report here.