Tag: 夜上海论坛GU

Big US banks offer muddled outlook on how bad coronavirus losses might get

first_imgWill loan losses from the coronavirus recession get worse, much worse or extremely worse over the next six-to-12 months? All of the above, bank executives said this week.In reporting third-quarter results, CEOs and finance chiefs at the five biggest US lenders gave a muddled picture of what to expect. Economic conditions improved in recent months thanks to pandemic lockdowns lifting, as well as government assistance and loan forbearance. But it is not clear that stimulus programs will continue or whether the world is headed for a new wave of infections.”The economy and the markets this year have been defined more than anything else by the impact of the global health-care crisis,” Bank of America Corp Chief Executive Brian Moynihan said on Wednesday. “This has created a sinuous path for the recovery.” The US job market improved, consumer spending rose and borrowers continued to use extra cash to pay down debt, helping the overall credit picture. Banks put far less money aside for souring loans in the third quarter than they did earlier this year, and haven’t experienced any meaningful loan losses yet.However, Bank of America, Citigroup Inc, JPMorgan Chase & Co and Wells Fargo & Co executives warned that losses on various types of loans might not really take shape until next year. For instance, credit-card write-offs usually happen after 180 days of delinquency, and those borrowers are still largely current.“We’re still in the midst of a crisis,” said Citigroup Chief Financial Officer Mark Mason. The pandemic has put pressure on Citi’s credit card business, because customers used plastic less and paid down debt.Commercial borrowers facing pandemic-related business pressure are not slacking on payments yet, either. Bank of America expects commercial losses to be “lumpy” next year, depending on what happens to particular companies, Chief Financial Officer Paul Donofrio said. Goldman Sachs Group Inc Chief Executive David Solomon pointed to the restaurant, hospitality and oil and gas industries as particularly vulnerable.“There continues to be enormous uncertainty globally in the trajectory of the virus,” he said.JPMorgan, the largest US bank, has become more optimistic about how the pandemic may affect its loan book, with its “base case” scenario looking better than it did three months ago.The bank is far from certain the trajectory will continue though, with CEO Jamie Dimon saying reserves could be off by US$10 billion to $20 billion if things get a lot better or worse.“The economy has materially improved,” said Wells Fargo CEO Charles Scharf, pointing to all the factors that have helped buoy the economy for now. “However, there’s still a long way to go, and there remains significant risk to the recovery.”Topics :last_img read more

Julian Edelman injury update: Pats receiver has broken thumb, could miss preseason, report says

first_imgThe injury was described as a “mild trauma” when it was first reported by ESPN earlier this week.Edelman opened last season on a four-game suspension for PED use. He caught 74 passes for 850 yards and six touchdowns upon his return and was named the Super Bowl MVP in the Patriots’ win over Rams. With tight end Rob Gronkowski’s retirement, Edelman, 33, likely is set up to be Tom Brady’s top target in 2019 — if he can stay healthy.In 2017, Edelman missed the entire season after he tore his ACL in the preseason. He also missed seven games in 2015 and two in 2014 due to injuries. In fact, in a 10-year NFL career, he has played a full 16-game regular-season games only twice while compiling 499 catches for 5,390 yards and 30touchdowns.Nonetheless, he signed a two-year contract extension worth $18 million in May after he caught 10 passes for 141 yards to earn the Super Bowl MVP honors. Related News Patriots wide receiver Julian Edelman is recovering from a broken thumb he suffered roughly three weeks ago, NFL Media reported Thursday, citing unidentified sources.The report said Edelman sustained the injury “playing catch” some three weeks ago. Given the typical six-week window for broken bones to heal, he is expected to miss just a few more weeks and be ready for the Patriots’ regular-season opener against the Steelers on Sept. 8, though he may not play in the preseason. Titans’ Taylor Lewan turns to polygraph for proof after failed drug test NFLPA sends players ‘work stoppage ready’ plan after CBA talks Panthers’ Cam Newton should be ‘ready to roll’ for camp, coach Ron Rivera sayslast_img read more