Silver For The People

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JPMorgan, Citigroup Boost Loan Loss Reserves: Citigroup Losses Greater Than Expected

themaven.net / Mike “Mish” Shedlock /  

Despite slowing rising incomes, consumers struggle to keep current with debt payments. As a result, both Citigroup and JPMorgan raised loan loss reserves the most in four years. Citigroup did not see this coming.

Banks have enjoyed years of declining losses from fewer consumers defaulting on debts. They appear to be preparing for a turn.JPMorgan Chase & Co. and Citigroup Inc. just boosted their reserves for consumer-loan losses by the most in more than four years.

Both lenders set aside money last quarter because they expected write-offs for credit-card lending to climb in periods ahead, with Citigroup saying the increase is coming faster than it had anticipated.

 

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