$89,670,000,000 in Increasingly Risky Loans Flagged at JPMorgan Chase, Wells Fargo and Bank of America: Report
Author: Content Editor
American banks, including JPMorgan Chase, Wells Fargo, and Bank of America, are experiencing a significant increase in substandard, doubtful, and potentially loss-making loans on their balance sheets. The amount of money tied up in criticized loans has reached its highest level since 2020. JPMorgan Chase's criticized loans have increased by 26.3% year-on-year, reaching $26.01 billion at the end of Q3. Wells Fargo has recorded a 17.9% increase, totaling $37.6 billion, while Bank of America has seen a 15.2% increase, amounting to $26.06 billion. This trend is widespread among banks, with criticized loans reaching $279.98 billion at public US banks and $260.48 billion among the 100 largest US banks. Some tier-one banks, such as Flagstar Financial, First Horizon, Valley National Bancorp, and Webster Financial Corp, have reported triple-digit increases in criticized loans.