JPMorgan Chase told investors on Tuesday that it has set aside $6.8 billion to protect against an expected wave of loan defaults. Wells Fargo is also bracing for trouble, earmarking $3.1 billion to protect against bad loans.
A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here.London JPMorgan Chase told investors on Tuesday that it has set aside $6.8 billion to protect against an expected wave of loan defaults. Wells Fargo is also bracing for trouble, earmarking $3.1 billion to protect against bad loans.
Jamie Dimon, the CEO of JPMorgan, said the first quarter had presented the bank with"unprecedented challenges." The lender witnessed record demand for revolving credit facilities as the coronavirus crisis deepened.Companies drew on their credit lines at"probably twice the rate than in the financial crisis [of 2008]," Dimon said on an earnings conference call.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ten U.S. states developing 'reopening' plans account for 38% of U.S. economyThe ten U.S. states coordinating plans separately from the White House to reopen businesses shut by the coronavirus are responsible for an outsized proportion of the U.S. economy.
Read more »
Ten U.S. states developing 'reopening' plans account for 38% of U.S. economyThe ten U.S. states coordinating plans separately from the White House to reopen businesses shut by the coronavirus are responsible for an outsized proportion of the U.S. economy. On Monday, three states on the U.S. West Coast, led by California Governor Gavin Newsom, and seven on the East Coast, led
Read more »
Late U.S. intelligence alerts, slow Pentagon response, contributed to U.S. military's COVID-19 outbreak, documents showU.S. Intelligence Community detected a new contagious disease was spreading through China in November, but it wasn't until after a U.S. soldier got sick in South Korea that an assessment was issued—one that could have slowed the spread of the disease, Newsweek has learned.
Read more »
Major U.S. airlines accept government aid for payrolls; American and Alaska also seeking loansThe U.S. Treasury Department said on Tuesday that major passenger airlines have agreed in principle to a $25 billion rescue package, ensuring airline workers have jobs until October while the industry battles its biggest-ever crisis.
Read more »
Fauci again cautions against Trump's call to quickly reopen US, says 'we're not there yet'Dr. Anthony Fauci is again publicly cautioning against President Donald Trump's aggressive calls to reopen the US, telling The Associated Press the country is not yet ready to ease up on restrictions aiming to slow the spread of coronavirus because it doesn't have the capacity to test and trace new cases.
Read more »
Trump's favorite scapegoat emerges as his best ally in US economic rescue effortPresident Donald Trump's closest ally in the fight to stave off the worst economic disaster since the Great Depression is the same man he's pilloried for years: Federal Reserve Chairman Jerome Powell.
Read more »