The novel coronavirus outbreak has temporarily shuttered businesses around the globe, put millions out of work in the United States alone and is expected to cause the deepest recession in recent memory. Citigroup, the most global of the U.S. banks, recorded a $4.89 billion expense to increase its reserves against anticipated losses on loans, primarily from its credit cards because of rising unemployment. Lenders with more exposure to unsecured loans like credit cards are more susceptible to hefty writedowns, as credit card delinquencies have historically risen in lockstep with unemployment. …read more
Source:: Yahoo Finance
