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US banks’ credit losses from COVID-19 could exceed those from the global financial crisis

Most of the losses will come from commercial and industrial loans to the sectors most affected by lockdowns. The extent of estimated losses depends on whether the virus recurs later in the year (scenario A1) or is contained (scenario A3).

Credit losses may reach $1 trillion, exceeding those in the last financial crisis.
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To read the article, see “Stability in the storm: US banks in the pandemic and the next normal,” May 13, 2020.