Coronavirus will cost banks over $2 trillion in losses on loans: S&P Global

Around 60% of the losses are likely to be in Asia-Pacific, it added

Global banks face combined loan losses of $2.1 trillion by the end of 2021 as a result of the coronavirus crisis, credit ratings agency S&P Global estimates, with a hit of $1.3 trillion this year more than doubling the 2019 level.

Around 60% of the losses are likely to be in Asia-Pacific S&P said on Thursday, although the highest relative increases - at more than double on average compared with 2019 - will occur in North America and Western Europe.

"We estimate that the top 200 rated banks represent about two-thirds of global bank lending," a group of S&P's top analysts said