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...Bank of America, the nation’s second-largest lender, said as it reported results on Tuesday that new loan growth stalled in the quarter, with BofA’s chief financial officer Alastair Borthwick calling lending...
...JPMorgan Chase, Bank of America, Wells Fargo and Citigroup collectively made $253bn in net interest income (NII) for the whole of 2023 — a 19 per cent jump from 2022’s total....
...Bank of America’s profits fell 18 per cent in the first quarter, dragged down by a jump in potential loan losses and additional expenses tied to last year’s regional banking crisis....
...Rocket Company, owner of Quicken Loans, the country’s largest non-bank mortgage lender, is up 66 per cent since November....
...Over the past two years, big banks such as JPMorgan Chase, Bank of America, Citigroup and Wells Fargo charged more for loans in lockstep with the Fed lifting interest rates, without passing on the increase...
...And in recent years, the securitisation market has become a welcoming home to deals backed by everything from music rights to software companies’ private credit loans....
...The bank had not been hit by any new defaults in the first two months of the new year, he said. The bank earmarked €350mn for loan loss provisions for 2024, compared with €441mn last year....
...Citi, JPMorgan and Bank of America have all gotten in....
...As a result, a record high pile of cheap loans are supposedly due to mature this year....
...It is a line of business several big developers have entered since banks reined in their real estate lending after the 2008 financial crisis....
...Banks frequently require personal guarantees from directors of small businesses to ensure repayment....
...But, as Ebrahim Poonawala of Bank of America pointed out to me, the cause of the first problem, very fast growth, was acquisitions explicitly designed to solve the second problem, the concentration in regulated...
...Bank of America analysts said the capital raise and new leadership should “provide breathing room” to the bank....
...Analysts expect slightly higher revenue compared with the year-ago quarter but thinner margins, in part because of an anticipated uptick in provisions for bad loans....
...of America....
...We show the cohort of banks that meet either criteria in terms of share of bank loans and bank and non-bank loans/ debt....
...“Banks will be under pressure,” said Barry Gosin, chief executive of Newmark, which handled $50bn of loan sales for failed Signature Bank....
...Working from home has reshaped many parts of the economy. Evidence of its impact is now starting to emerge in unexpected places....
...and loans needed to help countries struggling to pay back a decade of borrowing from China and bond markets....
...As America’s largest home-improvement retailer, Home Depot is often seen as a proxy for the US housing market....
...Latin America’s biggest development bank plans to increase lending by about $112bn over the next decade, pushing up annual loans by almost half following an increase to its firepower and internal reforms...
...Bank of America, Goldman Sachs and Morgan Stanley report results early next week. Additional reporting by Harriet Clarfelt...
...Sales of higher-margin discretionary items like home decor were down 12 per cent....
...Banks hold almost half of CRE loans maturing in 2024, and our REITs research team estimates that 62% of bank office loans are held by regional/local banks....
...Banks are already feeling the squeeze as bad US loans are marked to market. Rising losses and a wave of distressed asset sales look inevitable in Europe too....
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