Three of America's largest banks have written off a combined $5.6 billion in bad loans during the first quarter of 2026, coinciding with a record surge in U.S. credit card debt.
JPMorgan Chase reported $2.3 billion in net charge-offs, Citigroup posted $2.2 billion in net credit losses, and Wells Fargo recorded $1.106 billion in net charge-offs.
Despite these losses, JPMorgan Chase CEO Jamie Dimon stated the U.S. economy remains resilient, citing consumer spending and healthy businesses, supported by fiscal stimulus and AI investment.
Consumer credit card and revolving loans at commercial banks recently reached a new high of $1.083 trillion.