Economics
Biggest U.S. Banks Curb Loans as Regional Firms Fill Gap
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The biggest U.S. banks are extending less credit amid a faltering economic recovery as regional lenders step in to fill the gap.
Total loans at the four largest U.S. banks -- JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. -- fell 4.9 percent to $3.04 trillion in the first quarter from the same period in 2010, according to data compiled by Bloomberg. Lending by the 17 smallest of the 24 firms in the KBW Bank Index increased 9.8 percent to $1.27 trillion.