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Amr Alfiky - 1 Cole - 1 that's - 1 Morgan Stanley - 1 Goldman Sachs - 1 JPMorgan - 1 Mayra Rodriguez Valladares - 1 Wells - 1
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Search resuls for: "Robert Reilly"


2 mentions found


☆ Banks report continued pain on commercial real estate loans
  + stars: | 2023-10-18 | by ( Matt Tracy | ) www.reuters.com   time to read: +4 min
REUTERS/Amr Alfiky/File photo Acquire Licensing RightsOct 18(Reuters) - A number of U.S. banks saw continued pain in the third quarter on delinquent commercial real estate (CRE) loans in their portfolios, as stress in the sector persists. As a result, banks recorded continued provisions for credit losses and charge-offs from the previous quarter, driven by their non-performing (NPL), or delinquent, CRE loans. Borrowers have struggled to refinance their CRE loans as property values have declined and interest costs have risen. Some $20 billion of office commercial mortgage-backed securities, which bundle together individual loans, mature in 2023, according to real estate data provider Trepp. "While overall credit quality remains strong across our portfolio, the pressures we anticipated within the commercial real estate office sector have begun to materialize," PNC Chief Financial Officer Robert Reilly told analysts.
Persons: Amr Alfiky, Cole, that's, Morgan Stanley, Goldman Sachs, JPMorgan, Mayra Rodriguez Valladares, Wells, Robert Reilly, Matt Tracy, Lananh Nguyen, Jonathan Oatis Organizations: REUTERS, Florida Atlantic University, Bank of America, Trepp, Regulators, JPMorgan, Citigroup, PNC, Thomson Locations: New York City, U.S
☆ U.S. banks highlight office real estate as next big worry
  + stars: | 2023-04-14 | by ( Matt Tracy Saeed Azhar | Matt Tracy | Saeed Azhar | ) www.reuters.com   time to read: +4 min
"Weakness continues to develop in commercial real estate office," Wells Fargo Chief Executive Charlie Scharf said on a call with analysts. Stress in the commercial real estate sector could have broad implications for banks and the economy, as losses emanating there can tighten credit availability and exacerbate a downturn. More than $1.4 trillion in U.S. CRE loans will mature by 2027, with some $270 billion coming due this year, according to real estate data provider Trepp. As the epicenter for the technology industry downturn, California's CRE market has been hit hard. Citigroup and Wells Fargo declined to comment for this article.
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