Top US banks shift staff to deal with loan requests - Business Insider

Business Insider. Employees are also being shifted to help process the rise in demand for new loans, with regulators encouraging lenders to move employees around.BofA assembled a group of experts focused on commercial and corporate loans to put aside other projects in favor of hands-on client work, and bankers are working on consumer loans, like mortgages.

Meanwhile, Chase bankers have shifted to managing the bank's portfolio of existing and new loans to evaluate the uptick in demand — though there haven't been formal job title changes. And Wells Fargo a team of oil and gas bankers into a group to handle an influx of bad energy loans, while Citi has a committee from its investment bank meeting to keep up with the volume of troubled credits and new requests.

As initial loan deferrals approach their expiration dates, banks will need the extra workforce to assess next steps. Banks stand to lose out on major revenue for several months because of the coronavirus relief they've extended, like mortgage deferrals. To protect against that, they've increased loan loss provisions: Chase, Citi, Wells Fargo, and BofA collectively allocated $24.1 billion in Q1 2020 to cover future loan losses.

Many consumers have opted into these relief options — with banks often approving enrollments with little or no proof of financial hardship. But forbearance programs that began in March are approaching their expiration dates, and lenders are

Keeping the US dollar strong.

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Inside the Boeing Business Jet 787 Dreamliner's most luxurious designs - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. 1929 much? GTFOOH
Herkunft: BusinessInsider - 🏆 729. / 51 Weiterlesen »

See how Brex is keeping up with customer requests during the downturn - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Herkunft: BusinessInsider - 🏆 729. / 51 Weiterlesen »

Most publicly listed companies keep U.S. small-business aid loansMore than four-fifths of publicly listed companies that received emergency small-business loans from the U.S. government have held onto them, sticking with a certification that they need the money, according to data from market research firm FactSquared.
Herkunft: Reuters - 🏆 2. / 97 Weiterlesen »

Citigroup, HSBC, and other Asian banks accelerate digital upgrades amid the pandemic - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Citi
Herkunft: BusinessInsider - 🏆 729. / 51 Weiterlesen »

Seeking nominations for the top investors in the digital creator and influencer industry - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Herkunft: BusinessInsider - 🏆 729. / 51 Weiterlesen »