Fifth Third Bancorp, which said it was the victim of fraud on a loan with a $200 million balance, believes the situation was an isolated incident in the company’s warehouse-lending business, according to Chief Executive Officer Tim Spence. The Cincinnati-based bank expects to lose substantially all of the loan’s balance, and for the “one-off” incident […] The post Fifth Third CEO says $200 Million loan fraud is ‘one-off’ issue appeared first on Auto Finance News.| Auto Finance News
JPMorgan Chase & Co., Fifth Third Bancorp and Barclays Plc are among banks bracing for potentially hundreds of millions of dollars in combined losses from loans tied to subprime auto lender Tricolor Holdings, according to people with knowledge of the matter. Fifth Third said in a regulatory filing Tuesday that it faced an impairment charge […] The post JPMorgan, Fifth Third among banks facing Tricolor losses appeared first on Auto Finance News.| Auto Finance News