JPMorgan Chase & Co., bracing for a severe economic crisis, reserved another $6.8 billion to cover potential losses on loans to consumers and business struggling to stay afloat throughout the coronavirus shutdown.
The nation’s biggest bank stated Tuesday that earnings fell by nearly 70%in the very first quarter, when the coronavirus pandemic knocked the brakes on the U.S. economy. It warned that it may reserve even more of its profits to cover loan losses if its second-quarter projections– including an unemployment rate of 20%– prove …
%%.
source https://jobsearchtips.net/jpmorgan-revenue-sinks-70-braces-for-loan-defaults/
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