Big Banks Set Aside Billions for Loan Losses [The New York Times]
JP Morgan Chase & Co. (JPM)
Last jp morgan chase & co. earnings: 4/14 06:43 am
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Source: The New York Times
The economic shutdown the coronavirus has caused has already forcedmillions of Americans out of workthousands of small businessesJPMorgan Chase and Wells Fargo — the first two major banks to report earnings this quarter — set aside billions of dollars each for losses on loans to customers who may soon no longer have the means to repay them.JPMorgan’s chief executive, Jamie Dimon, said the bank was preparing for “the likelihood of a fairly severe recession.”JPMorgan, the country’s largest bank, estimated that it needed to add $6.8 billion to its reserves to prepare for impending defaults. Wells Fargo, the fourth largest, set aside $3.1 billion.JPMorgan’s total reserves for losses now stand at $8.3 billion, while Wells Fargo has $4 billion set aside.: and BusinessSee more updatesUpdated 4m agoMore live coverage:GlobalNew York“The actual level of losses we incur will be driven by how long this period lasts and the level of support the government provides,” Wells Fargo’s chief executive,
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JPM
Earnings
- 1/13/26 - Miss
JPM
Sec Filings
- 1/20/26 - Form 424B2
- 1/20/26 - Form 424B2
- 1/20/26 - Form 424B2
- JPM's page on the SEC website