JPMorgan profit dives as banks brace for coronavirus-led loan defaults [Toronto Globe and Mail (Ontario, Canada)]
Wells Fargo & Company (WFC)
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Source: Toronto Globe and Mail
JPMorgan profit dives as banks brace for coronavirus-led loan defaults JPMorgan Chase & Co. released it's quarterly results Tuesday. Mike Segar/Reuters JPMorgan Chase & Co. released it's quarterly results Tuesday. JPMorgan Chase & Co’s profit plunged by more than two-thirds in the first quarter as the largest U.S. bank put aside nearly $7 billion in reserves to protect it from a wave of potential loan defaults in the months ahead. The results painted a grim picture at the start of a long, tough period for lenders, with Chief Executive Jamie Dimon saying the economy was facing a “fairly severe” recession because of the economic shutdown caused by the coronavirus. “If the economy gets worse, we’ll bear additional loss,” Dimon said on a call with analysts. “But we do forecast all of that. We know we can handle really adverse consequences.” That tone was repeated by the No. 3 U.S. bank, Wells Fargo & Co, which also reported profits plunged as it boosted reserves in the first quarter. I
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