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Major US banks face rising bad loans. SoftBank's involvement in failed social media app IRL. Soccer clubs invest in stadium renovations to create entertainment districts. Financing challenges for smaller teams.
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- Major US banks are expected to report a significant increase in bad loans, which will impact their fourth-quarter earnings.
- Softbank's investment in a failed social media app raises questions about their due diligence process.
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Rise in Bad Loans Impacting US Banks
Major US banks including JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup are expected to report a significant increase in non-performing loans, reaching at least $24 billion in the fourth quarter of 2023. These loans are tied to borrowers who have not made payments for the past three months. Analysts predict that this surge in bad debt will negatively impact the fourth-quarter earnings of these banks.
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Listen to the best highlights from the podcasts you love and dive into the full episode