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Banking Giants

All articles tagged with #banking giants

banking2 years ago•0 min saved

JPMorgan to Contribute $3 Billion to FDIC Fund Refill

JPMorgan Chase expects to allocate around $3 billion to replenish the FDIC fund once the bank regulator finalizes proposed rules. US banking giants, including Wells Fargo and Bank of America, are also expected to bear the majority of costs to refill the fund, which was depleted by $16 billion this year after three banks collapsed. The FDIC's proposed rule would impose a "special assessment" fee on uninsured deposits of lenders exceeding $5 billion, based on the amount of uninsured deposits held by a bank at the end of 2022.

via CNN|

#banking #banking-giants #fdic

finance2 years ago•1 min saved

JPMorgan to Contribute $3 Billion to FDIC Fund Refill

JPMorgan Chase expects to allocate around $3 billion to replenish the FDIC fund once proposed rules are finalized, following the $16 billion drain caused by the collapse of three banks this year. Wells Fargo and Bank of America also estimated facing pretax expenses of up to $1.8 billion and $1.9 billion, respectively, under the FDIC proposal. The proposed rule would apply a "special assessment" fee to uninsured deposits of lenders in excess of $5 billion.

via Reuters|

#banking-giants #fdic #finance

business2 years ago•3 min saved

Wells Fargo Faces Declining Office Real Estate Values and Downgrades

Banking giants like Wells Fargo, Bank of America, JPMorgan, and Morgan Stanley are bracing for losses as office real estate values decline due to the increasing prevalence of remote and hybrid work. Vacancies are rising, and banks are experiencing credit deteriorations in their commercial real estate loan portfolios. Wells Fargo reported higher losses in its office portfolio and increased its allowance for credit losses by $949 million. Bank of America's allowance for credit losses in commercial real estate rose to $1.3 billion, with $6.3 billion worth of office loans coming due in 2024. JPMorgan reported a provision for credit losses of $1.1 billion, with net charge-offs predominantly driven by office real estate. Despite the challenges, some banks have seen increases in commercial real estate revenue, attributed to higher interest rates and loan balances.

via Fortune|

#banking-giants #business #commercial-real-estate