Says asset impairment an “isolated incident.” Says learned about incident last week, says looked at every client in warehouse business. Says confident incident is a “one-off.” Sees “lengthy” litigation on the loan business, will do full review on the way collateral is managed. Says “disappointed” that the issue with one warehouse client has marred “what otherwise are strong underlying business fundamentals.” Comments taken from Barclays 23rd Annual Global Financial Services Conference.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FITB:
- JPMorgan sees Fifth Third fraud charge as ‘surprising negative’
- Fifth Third Bancorp: Strategic Wins and Digital Expansion Justify Buy Rating Despite Short-Term Challenges
- Fifth Third Bancorp Faces Fraud-Related Impairment Charge
- Fifth Third sees Q3 loan loss provision $220M-$250M
- Fifth Third management to meet with Piper Sandler