As 2023 winds down, Discover is eyeing 2024 and its increasing charge-off rate. “So what we’ve said previously is we expect charge-offs to peak sometime around the midpoint of the year to the second half of the year, in the second half of 2024,” Chief Financial Officer John...
America’s banking sector is creeping closer to a wide-ranging downgrade. That’s according to Fitch Ratings analyst Chris Wolfe, who told CNBC Tuesday (Aug. 15) that such a downgrade could even touch seemingly untouchable giants like JPMorgan Chase. Wolfe said Fitch lowered its assessment of the banking sector’s health in June,...
American banks reported nearly $19 billion in loan losses during the second quarter. As the Financial Times reported Wednesday (Aug. 9), the $18.9 loan-loss rate is the highest in three years, coming as banks deal with an increase in defaults among credit card users and...
KeyCorp’s profits plunged 50% as the regional lender set aside more funds for credit losses. The bank released earnings Thursday (July 20), showing that its provisions for credit losses rose by 271% to $167 million, compared to $45 million for the same quarter last year. According to...
January 08, 2024
The specter of an increase in bad debt hangs over America’s largest lenders. Banks such as JPMorgan Chase and Wells Fargo will release their earnings in the coming days, and as the Financial Times (FT) reported Monday (Jan. 8), those earnings will likely include a rise in non-performing loans. Those loans — debt from borrowers […]
October 19, 2023
As 2023 winds down, Discover is eyeing 2024 and its increasing charge-off rate. “So what we’ve said previously is we expect charge-offs to peak sometime around the midpoint of the year to...
August 15, 2023
America’s banking sector is creeping closer to a wide-ranging downgrade. That’s according to Fitch Ratings analyst Chris Wolfe, who told CNBC Tuesday (Aug. 15) that such a downgrade could even touch seemingly untouchable giants...
August 09, 2023
American banks reported nearly $19 billion in loan losses during the second quarter. As the Financial Times reported Wednesday (Aug. 9), the $18.9 loan-loss rate is the highest in three...
