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« China to own a third of Hinkley Point nuclear power station | Main | This Unique Oil Stock is Offering A Huge Dividend Yield »
Sunday
Oct182015

"The Bankers Have Gone Through This Before. They Know How It Ends, And It’s Not Pretty"

When even the commodity traders got caught in the crossfire of the energy rout - those supposedly smartest men (and women) in the room who were so smart, they not only never saw the commodity price crash nor did they hedge for any such possibility, leading to such snafus as both Glencore and Noble Group calling their investors and assuring them day after day that they won't go bankrupt overnight - one question many have asked is how have the major banks gotten through unscathed so far.

This is especially true when one considers that the energy exposure of the big 3 TBTF banks is just over $150 billion. According to Bloomberg calculations Citigroup’s energy portfolio, including loans and unfunded commitments, swelled to $59.7 billion as of June 30, Bank of America’s to $47.3 billion, and JPMorgan’s to $43.6 billion, according to company filings.

And while some smaller banks such as Jefferies took massive charge offs on their energy prop book, which pushed Q3 FICC revenue negative for the first time ever, none of the big banks have disclosed any material, or even immaterial impairments on their tens of billions in energy loan books.

 

Read more.....

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