Heard on the Street: The unprecedented nature of today’s economic shutdowns makes it hard for lenders to update the complex models at the core of their business
Unprecedented is an overused word of late, but it does precisely capture a key challenge for banks: How to update the models at the heart of their businesses, given widespread economic uncertainty and a dearth of relevant historical data.
In recent first-quarter results, lenders used widely differing approaches and assumptions about the coming months to estimate loan losses. The only consensus: It is still too early to know how this crisis will play out. That is understandable, given how little clarity there is about the...
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