JPMorgan, Wells Fargo offer glum outlook for coronavirus recession [Toronto Globe and Mail (Ontario, Canada)]
Wells Fargo & Company (WFC)
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Source: Toronto Globe and Mail
JPMorgan, Wells Fargo offer glum outlook for coronavirus recession JPMorgan Chase & Co. released it's quarterly results Tuesday. Mike Segar/Reuters JPMorgan Chase & Co. released it's quarterly results Tuesday. The main things investors wanted to learn from first-quarter results by JPMorgan Chase & Co and Wells Fargo & Co on Tuesday was just how bad the coronavirus recession is going to get and how long it will take to get back to normal. It looks decidedly unpretty. Both banks reported major profit declines, primarily due to reserves for future loan losses, and executives said the worst is yet to come. “In my mind, there’s more downside than there is upside at this point,” said Wells Fargo Chief Executive Officer Charles Scharf. Shares of Wells Fargo were down 4.3 per cent in afternoon trading, while JPMorgan’s were down 3.4 per cent, even as the broader market rallied on hopes that local, state or federal officials might start to open the U.S. economy more as conditions improve. T
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