They get ’em coming and going.
As oil traded above $100 a barrel earlier this decade, JPMorgan Chase (JPM) ,Citigroup (C) and other U.S. banks doled out more than $110 billion of loans to finance a drilling boom — all the while helping their clients borrow additional cash through bond sales. Now that prices have gone bust, the banks are reaping a bounty of fees underwriting stock sales for financially distressed energy producers, which in turn are using the proceeds to pay down their loans.
