
Big Bank Losses: Billions Written Off in Q4
Three banking giants—JPMorgan Chase, Bank of America, and Wells Fargo—announced significant losses totaling $5.188 billion in the fourth quarter of the year. These losses represent loans deemed uncollectible after all attempts to recover the funds from customers failed. Credit Card Debt Drives Losses The majority of these losses stemmed from credit card debt. JPMorgan Chase…