At large US banks, credit loss reserves up 12% in Q3
Provisions for credit losses (PCLs) taken by the eight US global systemically important banks were $577 million higher in the third quarter than in Q2 2019, with JP Morgan’s increasing the most.
Aggregate PCLs across the lenders hit $5.4 billion for Q3, a 12% increase quarter-on-quarter and a 23% jump year-on-year.
JP Morgan’s totalled $1.5 billion for the three months to end-September, up 32% on the prior quarter and 60% on a year ago, when they stood at $948 million.
Wells Fargo posted the
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