www.reuters.com/business/finance/bank-americas-unrealized-losses-securities-rose-1316-bln-2023-10-17/
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Unrealized losses have come under closer scrutiny by investors since March. At the time, Silicon Valley Bank sold a portfolio of its holdings at a sharp loss, precipitating its collapse and fueling the worst industry turmoil since the 2008 financial crisis.
"All of these are unrealized losses are on government- guaranteed securities," Bank of America's chief financial officer, Alastair Borthwick, told reporters on conference call discussing third-quarter earnings. "Because we're holding them to maturity, we will anticipate that we'll have zero losses over time."
Bank of America, the second-biggest U.S. lender had about $603 billion in held-to-maturity securities, it said in a filing on Tuesday, shrinking from $614 billion in the second quarter.
Bank of America had reported early $106 billion in paper losses in the second quarter.
U.S. banks could be grappling with at least $650 billion of unrealized losses in their securities portfolios, according to an estimate from Moody's
Citigroup (C.N) did not disclose paper losses on its portfolio for the third quarter. They stood at $24 billion at the end of the second quarter.
JPMorgan Chase (JPM.N) had unrealized losses of $40 billion in its HTM portfolio in the third quarter
That would be 15% more than the $558 billion of losses they were sitting on at the end of the second quarter.
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