Big US banks report mixed earnings and gird for 'mild recession'

Large US banks set aside more funds in case of delinquencies as they prepare for a possible recession.NEW YORK - Major US banks reported mixed fourth-quarter results as executives pointed to the rising odds of a"mild recession," with inflation and interest rate hikes challenging households and businesses.

Bank of America accounted for $403-million in possible bad loans as Chief Executive Brian Moynihan alluded to an"increasingly slowing economic environment," while Citigroup reserved $640-million and Wells Fargo $397-million for similar purposes. But Mason cited the moderate winter thus far in Europe as an ameliorating factor in the outlook, while noting that credit card delinquencies are still coming in at exceptionally low levels, a sign of consumer resilience.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Kenya: Sportpesa Planning Major Layoffs to Streamline BusinessSportpesa, the leading gaming brand in Africa, has announced a major restructuring process to improve its technology and systems for enhanced customer experience and expansion.
Source: allafrica - 🏆 1. / 99 Read more »

Wounded Russians sent back to Ukraine with major injuries like punctured lungs, report says | Business InsiderRussian soldiers with shrapnel wounds and damaged lungs have been sent to fight in Ukraine without the approval of military doctors, Agentstvo reported. BISouthAfrica Lies BISouthAfrica BS 🙈🙈🙈🙈🤟💪🇿🇦✌️ BISouthAfrica That's fake news Russia can't be so unprofessional
Source: BISouthAfrica - 🏆 34. / 51 Read more »