Citi
Citi, Fidelity Exhibit Proof-of-Concept for Real-Time Forex Swap Onchain
Published
17 hours agoon
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adminThe proof-of-concept, which will be exhibited at the Singapore Fintech Festival from Nov. 6-8, demonstrates how investors could settle multi-asset positions in real-time.
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JPMorgan Chase, Bank of America, Wells Fargo and Citi Lose $6,900,000,000 From Sour Loans As Analyst Warns Notorious Debt Bubble Is Popping
Published
2 weeks agoon
October 19, 2024By
adminJPMorgan Chase, Wells Fargo, Bank of America and Citi are unloading billions of dollars in bad debt that they’ve given up on recovering.
New earnings data shows the four largest banks in the country collectively recorded $6.9 billion in net charge-offs in Q3 of this year, primarily driven by credit card delinquencies and soured consumer loans.
JPMorgan says its net charge-offs hit $2.087 billion in Q3, up nearly 40% from $1.497 billion registered in Q3 of 2023.
Wells Fargo says its net charge-offs surged to $1.111 billion in Q3, an increase of nearly 54% from $722 million recorded a year ago.
Citi says its net credit on losses reached $2.172 billion, an over 32% jump from the $1.637 billion witnessed in the same period last year.
And BofA says net charge-offs hit $1.534 billion in the same quarter, up 64% from $931 million a year ago.
The news comes after US credit card rates hit a fresh all-time high in August.
Adam Kobeissi, founder and editor-in-chief of The Kobeissi Letter, says rates have increased by seven percentage points in just two years, hitting 23.4% a couple of months ago.
In addition, total outstanding US credit card debt has soared to $1.36 trillion – the highest level in history.
“US consumers now have a record $1.36 trillion in credit card debt and other revolving credit meaning they pay a massive $318 billion annual interest.
To put this into perspective, Americans paid just half of that in 2019 at ~$160 billion.
Meanwhile, credit card serious delinquency rates are at 7%, the highest level since 2011. The credit card debt bubble is popping.”
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JPMorgan Chase Paying $900 To New Customers As Wells Fargo, Bank of America and Citi Offer Hundreds in Sign-Up Bonuses
Published
1 month agoon
October 5, 2024By
adminBig banks are battling for new customers in the US, with JPMorgan Chase now offering a total of $900 to entice people to switch banks.
Chase’s offer is for people who open both a checking and a savings account and meet certain requirements.
Specifically, new Chase customers receive a $300 bonus for opening a checking account with direct deposit, as long as they deposit $500 within three months.
In addition, customers receive a $200 bonus for opening a savings account and depositing at least $15,000 within 30 days, as long as the balance is maintained for 90 days.
Customers who open both accounts and complete the fine print receive an additional $400 bonus.
Meanwhile, Wells Fargo is offering a $300 bonus to new customers who open a checking account that receives $1,000 via direct deposit within 90 days.
Bank of America is also offering a $300 bonus for new customers’ checking accounts, with a $2,000 direct deposit requirement within 90 days.
Citibank is also offering $300 to new customers who open a checking account, with a $1,500 direct deposit requirement within 90 days.
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