JP Morgan reports further losses on Steinhoff loans

JP Morgan posted higher charge-offs in its corporate and investment bank (CIB) division in the second quarter, a hefty chunk of which were due to bad loans made to scandal-plagued South African retailer Steinhoff International Holdings. 

The US bank reported net charge-offs, which refer to the total portion of outstanding loans unlikely to be paid back by delinquent borrowers minus recovered amounts, of $114 million as of June 30 – a 470% increase compared with the first quarter of this year. 

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: