JPMorgan set aside $10.5 billion to cover potential losses on loans to borrowers hurt by the coronavirus, halving its profit
JPMorgan Chase & Co. set aside $10.47 billion to cover potential losses on loans to borrowers hurt by the coronavirus pandemic, cutting its second-quarter profit in half.
The nation’s biggest bank by assets is stockpiling reserves, worried about how the pandemic will affect the financial health of its consumer and corporate clients. JPMorgan put aside more than $8 billion for potential loan losses in the first quarter, which ended just weeks into the crisis.
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