 | May 30, 2020 |
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| Bank of America, Citi, Chase, and Wells Fargo have shifted employees to deal with defaulted loans. |
The top four US banks by assets — Bank of America (BofA), JPMorgan Chase, Citi, and Wells Fargo — are reportedly restructuring employees' roles so they can handle troubled or defaulted loans.
Banks stand to lose out on major revenue for several months because of the coronavirus relief options they've extended, like mortgage deferrals. To protect against that, they've increased loan loss provisions: Chase, Citi, Wells Fargo, and BofA collectively allocated $24.1 billion in Q1 2020 to cover future loan losses.
Banks will need to gain a holistic picture of customers' financial situations to determine who they should nudge back toward repayment — and for that, they'll likely need all hands on deck to sift through the thousands of accountholders who opted into some deferral programs.
Business Insider Intelligence's Rachel Green has the full story. |
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