American banks are experiencing serious financial losses due to increasing unpaid debts. Citigroup, Bank of America and Goldman Sachs reported a combined loss of $4.139 billion. Citigroup's net credit losses increased by approximately $780 million to $2.28 billion in the second quarter of 2024 compared to the same period of the previous year. This figure is significantly higher than the record of $1.504 billion for the same period in 2023 and shows increasing financial difficulties among consumers. In an interview with Bloomberg, Citigroup CEO Jane Fraser stated that there was a decrease in consumer spending and said, "Consumers' spending habits have slowed down. Increasing spending and growth trends are generally driven by wealthy customers."

Bank of America also experienced a sharp increase in net loan losses; While it was $900 million in the second quarter of 2023, it was recorded at $1.5 billion in the same period of 2024—representing a 66 percent increase. The bank allocated an additional provision of $400 million on an annual basis, indicating the deteriorating credit environment.

Goldman Sachs reported a total net credit loss of $359 million last quarter. These figures reflect the growing problem of uncollectible debt among major financial institutions.

The increasing debt problem is not limited to just a few banks. JPMorgan Chase posted a $2.2 billion loss last quarter due to uncollectible debts; Wells Fargo reported a net credit loss of $1.3 billion in the same period. This trend reflects increasing financial distress among consumers and businesses under various economic pressures.

In May, the Federal Reserve Bank of New York highlighted that US household debt increased by $640 billion on an annual basis, reaching $17.69 trillion in the first quarter of this year. The FDNY's Microeconomic Data Center warned about the sustainability of this trend and its possible long-term effects on the economy.

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So who will benefit?

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I EXPLAIN IN DETAIL.

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