Major US banks reported mixed fourth-quarter results Friday as executives pointed to the rising odds of a “mild recession,” with inflation and interest rate hikes challenging households and businesses.
According to Yahoo News , The biggest US bank, JPMorgan Chase, set aside $1.4 billion in fresh reserves in case of loan defaults, noting that its “central” scenario is “a mild recession” with somewhat higher unemployment.
Bank of America accounted for $403 million in possible bad loans as Chief Executive Brian Moynihan alluded to an “increasingly slowing economic environment,” while Citigroup reserved $640 million and Wells Fargo $397 million for similar purposes.Citigroup […]
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