JPMorgan Chase, Wells Fargo & Bank of America claim to have lost $5.188 Billion from their customers that were declared insolvent.
In their “net charges-offs” statement, the banks revealed the losses for Q4 in loans they declared uncollectible after trying to recover the amounts owed.
JPMorgan Chase had the largest charge-offs, at $2.4 billion. This was primarily due to customers who still owed a lot on their credit card.
Bank of America reported $1.5 billion of charge-offs. These were primarily attributed to its credit card portfolio.
Wells Fargo also reported $1.288 Billion in charge-offs. This was mainly due to higher losses on credit cards and losses from commercial real estate in the company’s office portfolio.
New numbers released by the Federal Reserve Bank of New York show that US credit card debt has reached a new record of $1,21 trillion.
Collective losses for the three banks are up by $188 millions over the last quarter and $460 from a year ago.
Banks reported significant profits in the fourth quarter, despite the loss. JPMorgan Chase declared $14 billion, Bank of America $6.7 billion, and Wells Fargo $5.1 billion.
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Sources of Images include Pixabay Creative Commons & Midjourney
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