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0 0.0018480692539636 0.00320980449372627 0.00282073728236559 0.00379340531076744 0.00486334014200953 0.00525240735337036 0.00622507538177221
Stock impact report

Exclusive: U.S. banks prepare to seize energy assets as shale boom goes bust [Reuters]

JP Morgan Chase & Co. (JPM) 
Last jp morgan chase & co. earnings: 4/14 06:43 am Check Earnings Report
Company Research Source: Reuters
Exclusive: U.S. banks prepare to seize energy assets as shale boom goes bust NEW YORK (Reuters) - Major U.S. lenders are preparing to become operators of oil and gas fields across the country for the first time in a generation to avoid losses on loans to energy companies that may go bankrupt, sources aware of the plans told Reuters. JPMorgan Chase & Co, Wells Fargo & Co, Bank of America Corp and Citigroup Inc are each in the process of setting up independent companies to own oil and gas assets, said three people who were not authorized to discuss the matter publicly. The banks are also looking to hire executives with relevant expertise to manage them, the sources said. The banks did not provide comment in time for publication. Energy companies are suffering through a plunge in oil prices caused by the coronavirus pandemic and a supply glut, with crude prices down more than 60% this year. Although oil prices may gain support from a potential agreement Thursday between Saudi Arabia and Show less Read more
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