Credit risk provisioning for banks in Luxembourg overall rose by over 20%, from €2.25bn in 2021 to €2.72bn in 2022, PWC has said. The increase was particularly dramatic for Chinese banks, which saw their provisioning jump from €6m to €163m, a 27-fold increase compared to the previous year.
The globally implanted financial services provider J.P. Morgan has announced that its EU credit institutions, including that based in Luxembourg, will be consolidated as one entity known as J.P. Morgan SE, or JPMSE.