US banks reported significant commercial loan growth last week, defying earlier economic slowdown predictions. Bank of America increased commercial loans by 12%, Wells Fargo by 16.4%, and JPMorgan by approximately 18%, while consumer lending growth remained comparatively flat across major institutions. This surge in corporate borrowing reflects resilient business confidence despite inflationary pressures and labor market uncertainties. JPMorgan CEO Jamie Dimon noted that consumers continue earning and spending while businesses remain healthy. Regional banks including PNC, KeyCorp, and U.S. Bancorp also demonstrated strong commercial lending momentum, with approximately half of growth driven by higher credit line utilization and the remainder from new loan originations.
