Top US lenders book $6.2bn in provisions in Q4

Loan-loss charges at Bank of America, Citi, JP Morgan and Wells Fargo hit highest since pandemic outset

Provisions for credit losses (PCLs) at the US’s top four lenders ballooned to $6.2 billion in the fourth quarter of 2022 – the most in over a decade, bar the Covid-19 pandemic’s earliest months.

PCLs collectively booked by Bank of America, Citi, JP Morgan and Wells Fargo were up 35% compared with the previous quarter, and marked the third-largest amount since Q4 2012.

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