JPMorgan Chase, Bank of America, Wells Fargo and Citigroup Set Aside $34,866,300,000 for Credit Losses Amid Rising Macro Uncertainty: S&P Global
The JPMorgan Chase, Bank of America, Wells Fargo and Citigroup collectively set ten -tens of billion dollars to cover potential credit losses as economic uncertainty increases.
The four -largest US banks by total ownership are jointly allocated $ 34.87 billion in credit loss provisions for the financial year of 2025, according to new numbers from S&P Global.
In the first quarter, JPMorgan Chase has set a higher than the estimated provision for credit losses amid increased macroeconomic uncertainty.
The bank has allocated $ 3.31 billion for Q1, which is $ 556 million above the consensus estimate.
For the fiscal person, JPMorgan led all banks with the highest provisions for credit losses at $ 12.87 billion.
Citigroup is second to estimated provisions for credit losses reaching $ 10.69 billion for the financial year of 2025.
The Bank of America is expected to set $ 6.37 billion in provisions for credit losses for the year.
And S&P Global estimated the Wells Fargo will set aside $ 4.93 billion for 2025.
Apart from the JPMorgan Chase, many banks have kept lower credit provisions despite the uncertainty.
Although lenders show confidence in their customers' ability to pay their fees, Piper Sandler Analyst said R. Scott Siefers said the lenders did not offer much clarity where things were going, noticing that it was unclear that banks were softened earnings “enough to meet what could come.”
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