The rescue bill enabled banks to protect loans in forbearance from an immediate hit to a borrower’s credit report, but experts say affected consumers may have trouble getting loans after the pandemic ends. ... Read full article
The economic contraction caused by the coronavirus pandemic has been worse than the Wall Street firm had modeled two months ago, its president John Waldron said Wednesday. ... Read full article
The Toronto company also said it set aside 232 million this year for U.S. regulatory probes into the bank’s metals-trading practices and costs tied to the wind-down of that business. ... Read full article
The bank is trying to recover millions of dollars in returned deposits. It also has a $14 million loan to the company that allegedly conducted the scheme. ... Read full article
Some lenders are issuing debt and preferred stock to provide an extra buffer for credit losses. Others are preparing for growth opportunities. ... Read full article
The second-quarter jump in provisions may be three to four times higher than a year earlier and will be mostly for loans that have yet to go bad, analysts said. ... Read full article
Lenders are scrambling to pause ranchers’ loan payments as meat processing plant shutdowns during the pandemic threaten $25 billion in losses for the livestock industry. ... Read full article
The Pittsburgh company’s sale of its stake in the asset manager yielded billions of dollars that could cushion the pandemic’s economic blow and eventually help fund a big acquisition. ... Read full article
The upstarts enjoyed rapid growth during the long economic expansion. Now they are on the ropes. ... Read full article
More write-downs seem inevitable as the coronavirus outbreak wreaks havoc on the economy and bank stocks. ... Read full article
Lenders that scrambled to grant forbearance as the coronavirus pandemic took hold are unsure about the extent of potential losses. ... Read full article
The millions of dollars earned from Paycheck Protection Program transactions will help cover rising provision costs tied to the new CECL accounting standard and coronavirus shocks to loan books. ... Read full article
Elected officials are better off deciding who’s most deserving of federally backed coronavirus relief funds for small businesses. ... Read full article
More details have emerged about the damage the coronavirus pandemic is inflicting on the hospitality industry. One servicer alone has received 2,000 workout requests in the past month. ... Read full article
The company reported a loss of $1.3 billion in the first quarter after setting aside more than $5.4 billion for potential loan losses. ... Read full article
The energy business alone faces immense challenges and the overall economy may not bounce back until 2022, Stephen Steinour says. ... Read full article
Banks had an opportunity to delay compliance with the new accounting standard, but many opted to move forward to get ahead of credit issues that could arise from the coronavirus outbreak. ... Read full article
After more than tripling its loan-loss provision, the $182 billion-asset company became the first large U.S. bank to report a quarterly loss as a result of the coronavirus pandemic. ... Read full article
Net income fell 46% in the first quarter as the company added nearly $5 billion to its loss reserves in anticipation of a wave of loan defaults. ... Read full article
With the coronavirus pandemic bringing economic activity to a virtual standstill, BofA, like Wells Fargo and JPMorgan Chase, is shoring up its reserves to brace for a likely recession. ... Read full article
