US commercial banks have reported a surge in loans of 254 billion dollars, reaching the highest level since June 2020. Commercial and industrial loans have hit 2.93 trillion dollars, representing a year-over-year increase of roughly 247 billion dollars. Wells Fargo and PNC posted quarter-over-quarter growth of 8.3% and 6.4% respectively in the first quarter of 2026. Businesses appear to be rotating away from private credit, which is more expensive, and returning to traditional bank financing. The all-time peak of 3.07 trillion dollars was reached in May 2020, with current levels sitting approximately 180 billion dollars below that watermark.
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