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Jpmorgan Chase: Wells Fargo reported higher losses in CRE due to its office loan portfolio. It increased its allowance for credit losses by $949 million.
(Bloomberg) -- Major US banks are warning about the potential for further losses across their commercial real estate lending businesses.Most Read from BloombergSingapore Arrests Minister, Property Tycoon in Graft ProbeHow Much Income You Need to Crack America's Richest 1%DeSantis Says No Thanks to $377 Million in US Energy FundsEx-Celsius CEO Alex Mashinsky Charged With Crypto FraudBiden Administration to Forgive $39 Billion in Student DebtJPMorgan Chase & Co. and Wells Fargo & Co. boosted allow
Office lenders are bracing for potential losses as property owners grapple with higher borrowing costs and lower demand from tenants given the rise in remote work and layoffs.
By Matt Tracy (Reuters) -JPMorgan Chase and Wells Fargo said on Friday they set aside more money for expected losses from commercial real estate loans, in ...
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JPMorgan Chase and Wells Fargo said on Friday they set aside more money for expected losses from commercial real estate loans, in the latest sign that stress is building up in the sector.