America’s three largest banks are writing a combined $5.6 billion in loans in the first quarter as US credit card debt soars to new records.
According to the first quarter reports, JPMorgan Chase recorded $2.3 billion in net repayments, Citigroup posted $2.2 billion in loan losses, and Wells Fargo reported $1.106 billion in net payments in the first three months of 2026.
JPMorgan said total debt was $2.5 billion, including $2.3 billion in debt repayments by Citigroup. he said Its US Personal Banking business recorded $2.1 billion in credit losses, including $1.742 billion in credit losses in US credit cards and retail services. Some of Citi’s businesses also added to the company’s credit losses.
Despite the bad debt, JPMorgan Chase CEO Jamie Dimon says the US economy is stabilizing.
“The U.S. economy remained strong this quarter, as consumers continued to invest and spend and businesses remained healthy.” Several institutions are supporting this resilience, including fiscal stimulus, deregulation benefits, AI-driven investments and Fed asset purchases.
At the same time, there are increasing problems – such as national conflicts and wars, fluctuating energy prices, trade uncertainty, a severe global recession and rising commodity prices.
Although we cannot predict how these risks and uncertainties will end, they are important and determine why we prepare the Company to meet different environments. “
Wells Fargo he said Its $1.106 billion in total repayments came as its debt settlement reached $1.135 billion.
In addition, data from the US Federal Reserve demonstrations Consumer credit card and other loans circulating in all commercial banks hit $1.083 trillion in the week ending April 1, 2026, from $1.080 trillion in the previous week, indicating a new high.
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