According to third Quarter Earnings Reports, Wachovia has seen a 285.8% increase in non-performing assets. At the same time they have increased their loan loss provision from 108 million to 408 million.
During the same time Bank of America has seen an increase of 103.6% in non-performing assets with an increase of 74.2% in their loan loss provision.
Regions and Citigroup have posted similar figures. JP Morgan Chase's increase in non-performing assets was up 50.7% and their loan loss provision went up 119.8%.
The numbers show both the actual situation and their view of the future. Banks are tightening up and they are in need of alternative sources of revenue. We ARE the answer. We can deliver.
At the very least, these banks will have assets that are under-performing and need to be moved from the bank. We can help.
This is a very good time to be calling regularly on every banker you know. The pressure to "clean up the portfolio" will be very strong in 2008.
Thanks for all you are doing and I look forward to a very exciting year for all of us.
Tuesday, January 08, 2008
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