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Visualizing Major U.S. Banks by Commercial Real Estate Exposure

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See this visualization first on the Voronoi app.

This pie chart graphic shows commercial property loan exposure across the 20 largest U.S. banks by assets.

U.S. Banks by Commercial Real Estate Exposure

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

The six largest U.S. banks saw delinquent commercial property loans nearly triple to $9.3 billion in 2023 amid high vacancy rates and increasing borrowing costs.

Today, the sector is facing greater scrutiny from regulators amid growing risks to bank stability. In fact, for almost half of all U.S. banks, commercial real estate debt is the largest loan category overall. While commercial loans are more heavily concentrated in small U.S. banks, several major financial institutions have amassed significant commercial loan portfolios.

The above graphic shows the commercial real estate exposure of the top U.S. banks, based on data from UBS as of Q3 2023.

Top 20 U.S. Banks by Assets: Commercial Property Exposure

Here are the commercial property loans across the largest U.S. banks by assets as of the third quarter of 2023:

BankTotal AssetsTotal Loans
and Leases
Total Commercial
Real Estate Loans
Share of
Total Loans
JPMorgan Chase & Co.$3.9T$1.4T$171B12.6%
Bank of America Corp$3.2T$1.1T$76B6.9%
Citigroup Inc.$2.2T$945B$37B4.0%
Wells Fargo & Company$1.9T$684B$145B21.2%
U.S. Bancorp$668B$378B$56B14.9%
PNC Financial Services Group, Inc.$557B$319B$49B15.5%
Truist Financial Corporation$543B$317B$42B13.3%
Capital One Financial Corp$471B$316B$49B15.6%
Bank of New York Mellon Corp$405B$66B$7B10.0%
State Street Corporation$284B$35B$3B8.8%
Citizens Financial Group, Inc.$226B$132B$31B23.1%
First Citizens BancShares, Inc.$214B$133B$20B14.9%
Fifth Third Bancorp$213B$121B$12B10.0%
M&T Bank Corporation$209B$99B$40B40.1%
Keycorp$188B$121B$19B16.0%
Huntington Bancshares Incorporated$187B$44B$14B33.2%
Regions Financial Corporation$154B$151B$17B11.5%
Northern Trust Corporation$146B$117B$6B4.7%
New York Community Bancorp Inc$111B$86B$49B57.0%
Zions Bancorporation, N.A.$87B$51B$15B29.3%

As the above table shows, JPMorgan Chase, America’s largest bank, has 12.6% of its loan portfolio in commercial real estate.

Despite commercial property troubles, the company witnessed record stock prices in 2023, with its share price increasing 27% over the year. The bank acquired First Republic at the height of the U.S. regional banking turmoil in 2023, which helped boost performance.

Still, big banks remain cautious. Several major banks, such as Wells Fargo, are building bigger cash reserves for commercial property credit losses as a buffer for potential defaults.

Perhaps the most concerning big bank is New York Community Bancorp, which has 57% of its total loans exposed to commercial property debt. The bank reported a $2.7 billion loss in the fourth quarter of 2023, and Moody’s recently downgraded its credit rating to “junk” status. The bank brought in a $1 billion infusion of capital as a lifeline after growing concerns about the state of its commercial real estate loan portfolio.

Overall, while pockets of trouble are surfacing, major banks are more insulated from commercial property shocks compared to other banks. On average, about 11% of big banks loan portfolios are concentrated in commercial real estate compared to small banks, where average exposure falls around 21.6% of loans.

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U.S. Debt Interest Payments Reach $1 Trillion

U.S. debt interest payments have surged past the $1 trillion dollar mark, amid high interest rates and an ever-expanding debt burden.

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This line chart shows U.S. debt interest payments over modern history.

U.S. Debt Interest Payments Reach $1 Trillion

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

The cost of paying for America’s national debt crossed the $1 trillion dollar mark in 2023, driven by high interest rates and a record $34 trillion mountain of debt.

Over the last decade, U.S. debt interest payments have more than doubled amid vast government spending during the pandemic crisis. As debt payments continue to soar, the Congressional Budget Office (CBO) reported that debt servicing costs surpassed defense spending for the first time ever this year.

This graphic shows the sharp rise in U.S. debt payments, based on data from the Federal Reserve.

A $1 Trillion Interest Bill, and Growing

Below, we show how U.S. debt interest payments have risen at a faster pace than at another time in modern history:

DateInterest PaymentsU.S. National Debt
2023$1.0T$34.0T
2022$830B$31.4T
2021$612B$29.6T
2020$518B$27.7T
2019$564B$23.2T
2018$571B$22.0T
2017$493B$20.5T
2016$460B$20.0T
2015$435B$18.9T
2014$442B$18.1T
2013$425B$17.2T
2012$417B$16.4T
2011$433B$15.2T
2010$400B$14.0T
2009$354B$12.3T
2008$380B$10.7T
2007$414B$9.2T
2006$387B$8.7T
2005$355B$8.2T
2004$318B$7.6T
2003$294B$7.0T
2002$298B$6.4T
2001$318B$5.9T
2000$353B$5.7T
1999$353B$5.8T
1998$360B$5.6T
1997$368B$5.5T
1996$362B$5.3T
1995$357B$5.0T
1994$334B$4.8T
1993$311B$4.5T
1992$306B$4.2T
1991$308B$3.8T
1990$298B$3.4T
1989$275B$3.0T
1988$254B$2.7T
1987$240B$2.4T
1986$225B$2.2T
1985$219B$1.9T
1984$205B$1.7T
1983$176B$1.4T
1982$157B$1.2T
1981$142B$1.0T
1980$113B$930.2B
1979$96B$845.1B
1978$84B$789.2B
1977$69B$718.9B
1976$61B$653.5B
1975$55B$576.6B
1974$50B$492.7B
1973$45B$469.1B
1972$39B$448.5B
1971$36B$424.1B
1970$35B$389.2B
1969$30B$368.2B
1968$25B$358.0B
1967$23B$344.7B
1966$21B$329.3B

Interest payments represent seasonally adjusted annual rate at the end of Q4.

At current rates, the U.S. national debt is growing by a remarkable $1 trillion about every 100 days, equal to roughly $3.6 trillion per year.

As the national debt has ballooned, debt payments even exceeded Medicaid outlays in 2023—one of the government’s largest expenditures. On average, the U.S. spent more than $2 billion per day on interest costs last year. Going further, the U.S. government is projected to spend a historic $12.4 trillion on interest payments over the next decade, averaging about $37,100 per American.

Exacerbating matters is that the U.S. is running a steep deficit, which stood at $1.1 trillion for the first six months of fiscal 2024. This has accelerated due to the 43% increase in debt servicing costs along with a $31 billion dollar increase in defense spending from a year earlier. Additionally, a $30 billion increase in funding for the Federal Deposit Insurance Corporation in light of the regional banking crisis last year was a major contributor to the deficit increase.

Overall, the CBO forecasts that roughly 75% of the federal deficit’s increase will be due to interest costs by 2034.

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