In the second quarter of 2024, these two banks reported a combined loss of $3.5 billion in bad debts. Specifically, JP Morgan Chase’s net charge-offs reached $2.2 billion, an $800 million increase from the same period last year, while Wells Fargo’s net charge-offs surged to $1.3 billion, up from $764 million in Q2 of 2023.
This increase in bad debt indicates that many customers are struggling to pay their bills, reflecting broader economic challenges.
Sources:
www.investopedia.com/big-bank-earnings-jpmorgan-citigroup-wells-fargo-q2-2024-8677323
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