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Bad property debt exceeds reserves at largest U.S. banks
By Stephen Gandel
Financial Times, London
Tuesday, February 20, 2024
Bad commercial real estate loans have overtaken loss reserves at the biggest U.S. banks after a sharp increase in late payments linked to offices, shopping centers, and other properties.
The average reserves at JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley have fallen from $1.60 to 90 cents for every dollar of commercial real estate debt on which a borrower is at least 30 days late, according to filings to the Federal Deposit Insurance Corp.
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The sharp deterioration took place in the last year after delinquent commercial property debt for the six big banks nearly tripled to $9.3 billion. ...
... For the remainder of the report:
https://www.ft.com/content/4114454c-a924-4929-85f4-5360b2b871c6
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