At US G-Sibs, loan-loss reserves hit $5.6 billion in Q1

Wells Fargo’s PCLs climb 62% quarter-on-quarter

Provisions for credit losses (PCLs) at the eight US global systemically important banks were $463 million higher in the first quarter of this year than in Q4 2018, with Wells Fargo’s increasing the most as its credit outlook darkened.

Aggregate PCLs across the US G-Sibs hit $5.6 billion at end-March, a 9% increase on December 2018 and a whopping 36% jump on the year-ago quarter.

Wells Fargo contributed the most to the overall rise, with its PCLs climbing 62% quarter-on-quarter to $845 million

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