Major U.S. banks, including Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, and Goldman Sachs, reported a combined $4.139 billion loss due to rising customer debt delinquencies. Citigroup reported a $2.28 billion net credit loss for Q2 2024, with CEO Jane Fraser observing signs of reduced consumer spending. Bank of America noted a 66% increase in delinquencies, amounting to $1.5 billion. Goldman Sachs reported a $359 million loss in this area. JPMorgan Chase and Wells Fargo registered $2.2 billion and $1.3 billion losses, respectively. The Federal Reserve of New York had warned in May about rising U.S. household debt levels, which reached $17.69 trillion in Q1 2024.
Source: Dailyhodl.com
