Biggest US Banks Wrote Off $3.4 Billion in Bad Consumer Loans

Bloomberg, Apr. 18, 2023–Jennifer Surane
The four biggest US lenders wrote off a combined $3.4 billion in bad consumer loans in the first three months of 2023, a 73% increase from a year earlier. That, combined with additional reserves, boosted provisions at all four institutions to levels not seen since the earliest days of the Covid-19 pandemic.