The US losses were due to rising loan impairment charges and further writedowns, the bank said. Loan impairment charges rose from $3.6 billion in Q2 to $4.3 billion in Q3, reflecting higher delinquency rates for losses on its real estate secured loans and credit cards.
The bank wrote down its run-off US mortgage portfolio by $2.5 billion in the quarter, down to $29 billion.
Globally the bank made writedowns on credit trading positions worth $600 million, and suffered a $4.8 billion reduction in the valuation of its asset-backed security holdings.
The week on Risk.net, July 7-13, 2018Receive this by email