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Banks brace for big loan defaults by US, global customers

 

Last updated 4/16/2020 at 10:07am

KEN SWEET

AP Business Writer

NEW YORK (AP) - The major banks in the U.S. are anticipating a flood of loan defaults as households and business customers take a big financial hit from the coronavirus pandemic.

JPMorgan Chase, Wells Fargo, Bank of America, Citigroup and Goldman Sachs raised the funds set aside for bad loans by nearly $20 billion combined in the first quarter, earnings reports released over the past two days show. And Wall Street expects that figure may go even higher next quarter, a possibility bank executives acknowledged on earnings conference calls.

Bank of America and Citi...



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