ICYMI: Employees at Bank of America, JPMorgan Chase, Citi, and Wells Fargo are being shifted to help process the rise in demand for new loans
Business Insider. Employees are also being shifted to help process the rise in demand for new loans, with regulators encouraging lenders to move employees around.BofA assembled a group of experts focused on commercial and corporate loans to put aside other projects in favor of hands-on client work, and bankers are working on consumer loans, like mortgages.
Meanwhile, Chase bankers have shifted to managing the bank's portfolio of existing and new loans to evaluate the uptick in demand — though there haven't been formal job title changes. And Wells Fargo a team of oil and gas bankers into a group to handle an influx of bad energy loans, while Citi has a committee from its investment bank meeting to keep up with the volume of troubled credits and new requests.
As initial loan deferrals approach their expiration dates, banks will need the extra workforce to assess next steps. Banks stand to lose out on major revenue for several months because of the coronavirus relief they've extended, like mortgage deferrals. To protect against that, they've increased loan loss provisions: Chase, Citi, Wells Fargo, and BofA collectively allocated $24.1 billion in Q1 2020 to cover future loan losses.
Many consumers have opted into these relief options — with banks often approving enrollments with little or no proof of financial hardship. But forbearance programs that began in March are approaching their expiration dates, and lenders are
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