Top US banks released $18.5bn of credit reserves in 2021

JP Morgan reversed over $6bn of PCLs, the most of the group

Wall Street’s largest lenders added more than $18.5 billion to their earnings last year by releasing reserves held to protect against future credit losses.

Improvements in borrower creditworthiness freed top US banks to release billions from their provisions for credit losses (PCLs) back into income, a sign the coronavirus crisis is loosening its grip on the sector.

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JP Morgan reversed $6.2 billion of PCLs in 2021, the most of the group. However, the release paled in comparison to the

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