February 2016, Vol. 243, No. 2

Web Exclusive

Energy Loans Likely to Cause Further Losses for Big Banks

NEW YORK (AP) — The nation’s six largest banks have hit an oil slick. They have tens of billions of dollars of exposure to risky energy loans that won’t all be paid back because low oil prices have sapped the profits of oil companies. The value of those loans will have to be written down even further, and bank profits are going to take a hit, the credit agency Moody’s said in a report issued Friday. The loans on the balance sheets of the biggest banks on Wall Street — JPMorgan Chase, Goldman Sachs, Citigroup, Morgan Stanley, Wells Fargo and Bank of America — represent only a small percentage of these firms’ overall loans, but the losses will be noticeable. “

Log in to view this article.

Not Yet A Subscriber? Here are Your Options.

1) Start a FREE TRIAL SUBSCRIPTION and gain access to all articles in the current issue of Pipeline & Gas Journal magazine.

2) Start your full access subscription to Pipeline & Gas Journal and gain UNLIMITED access to this article, the current issue, all past issues in the technical archive, access to all special reports, special focus supplements and more. Pricing start at $395/year.   

*Access will be granted the next business day.

 

Related Articles

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}