Major banks increase their net charge-offs, or the debt they’re owed but don’t expect to recover. JPMorgan Chase charge-offs rise $820 million in 2Q to $2.2 billion, as more credit cards were opened and credit conditions continued to normalize. Wells Fargo net charge-offs rise 71% in 2Q to $1.3 billion, with charge-offs from commercial real estate loans increasing, particularly in its office portfolio, though commercial and industrial loans were a drag too, with higher charge-offs recorded in its credit card portfolio. Citigroup’s cost of credit rose $1.5 billion to $2.3 billion on a 59% jump in credit losses from higher interest rates and persistent inflation prompting the bank to lift its provision for loan losses.