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 ...
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.
Shares of Wells Fargo were down 4.3per cent in afternoon trading, while JPMorgan's were down 3.4per 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. Both management teams cautioned that loan-loss reserves could rise substantially in future quarters if the economy worsens. The success of government stimulus programs to help individuals, small businesses and corporations will help define the amount.JPMorgan added US$4.4 billion to reserves for consumer loans that may go bad, without yet seeing a substantial increase in defaults. Its net consumer charge-offs of US$1.
"I'm not an economist, and so I don't pretend to know anymore about the future than anyone else who's in my position," said Scharf.
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