U.S. Banks’ Costs for Bad Loans Decrease
The biggest U.S. banks once again achieved very good results in the third quarter. While JP Morgan Chase, Wells Fargo and Citigroup all more than impressed with their numbers, the Bank of America reached the highest quarterly profit in its long history. The banks benefit from the strong economy and reliable business with private customers.
Thanks to economic growth, triggered also by tax cuts by the US government, banks are also less concerned about bad loans. They were able to significantly reduce loan loss provisions, as customers had fewer problems servicing their loans. Bloomberg
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