Level 3 assets at US banks grew 13% in 2020

Citi posted an 100% increase over the year to $16.1 billion

The amount of hard-to-value assets at large US banks increased $14.9 billion (13%) over 2020, but fell at most lenders over the second half of the year from their first-quarter peak.

Level 3 assets, those for which market prices are not available and are instead valued using firms’ own models, totalled $131.1 billion as of Q4 across US banks over $100 billion in size, compared with $115.2 billion the year prior and $137 billion in Q1 2020.

Among the systemic lenders, Citi reported the largest

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