Leading U.S. Banks Set Aside Billions for Rainy Days and Project the Worst Is Yet to Come

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Source: Pixabay | Owner: Maklay62

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Last Tuesday, 13.07, three of the biggest banks in the United States—JPMorgan Chase & Co, Wells Fargo & Co and Citigroup Inc—set aside a grand total of $28 billion to prepare for potential defaults on loans expected to rain from both individual and corporate clients. According to Bloomberg, the last time such an amount of money was set aside to deal with bad loans was during the Great Recession of 2008.

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