US Banking Giants Face Mounting Losses as Banking Crisis Persists
The four largest banks in the US - Bank of America, Wells Fargo, JPMorgan Chase, and Citigroup - have a combined total of $205 billion in unrealized losses on their balance sheets, primarily due to bad bets in the bond market. Bank of America holds the largest amount of unrealized losses at $100 billion, followed by Wells Fargo and JPMorgan Chase with $40 billion each, and Citigroup with $25 billion. Despite these losses, the Federal Reserve's stress test indicates that these banks would still meet their minimum capital requirements in a hypothetical recession.