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

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Major US banks reported mixed fourth-quarter results as executives pointed to the rising odds of a '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.

 

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