The major U.S. banks are set to report the biggest jump in loan losses since the COVID-19 pandemic, as rising interest rates put mounting pressure on borrowers across the country.
America’s top lenders are expected to release their second quarterly earnings reports this week, with JPMorgan, Wells Fargo, Citigroup, and BlackRock releasing theirs on July 14.
Bank of America and Morgan Stanley will release theirs on July 18 and Goldman Sachs on July 19.
The quarterly reports are expected to show that some banks benefited from higher interest rates, with a boost in lending and investment income, but those which were reliant on investment banking, trading, and wealth management may now experience a more difficult environment….