Five US banks add $7bn in unrealised losses in Q3
Deductions at JP Morgan and Wells Fargo surge by more than $2 billion each
Unrealised losses at five large US banks grew by a total of $7.4 billion in the third quarter – a rise of more than 7% compared with three months prior.
JP Morgan’s unrealised losses, accounted for in accumulated other comprehensive income (AOCI), swelled by $2.8 billion to $17.1 billion, the largest move among the five banks. This reversed a trend of the previous three quarters, during which the bank’s unrealised losses had narrowed.
Wells Fargo saw a rise of $2.4 billion in unrealised losses to
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