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Credit crunch set to hit big US banks hard

Staff Reporter 1 minute read

US analysts are trimming fourth quarter estimates for the US’s major banks to account for capital market write-downs, loan loss reserve building and slower net interest margins, according to Reuters.

Analysts Sanford C Bernstein & Co have predicted a bad debt write down of US$12 billion (A$13.7 billion) for US banking giant Citigroup Inc, with the company expected to boost reserves for bad loans by as much as US$1 billion (A$1.14 billion).

Bank of America Corp and JPMorgan Chase are also expected to suffer write downs of US$5.5 billion ($A6.29 billion) and US$1 billion (A$1.14 billion) respectively.

 

Credit crunch set to hit big US banks hard
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