REBOUNDING OIL STOCKS RELIEF FOR BANKS
American banks took a risk on oil stocks through their high risk energy loans. Despite the fact that those loans are still imploding, the problem is decreasing thanks to a comeback by large oil companies. JP Morgan, Citi Bank, and PNC Financial all reported massive gains, thanks in part to the oil rebound. Even Wells Fargo, a company not known for making gains, reported a "slower pace of deterioration". Their energy loans in danger of being defaulted decreased by 17%. In a press conference, JP Morgan said that their concerns over the oil and gas sector were more or less alleviated and that the overall trend has been fairly positive. PNC said that the amount of loans it made dropped by about $10 million. While the amount is small, it once again shows that energy loans for big banks are moving in the right direction.