JPMorgan profit plunges on coronavirus loan provisions

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JPMorgan Chase & Co reported a 68% slump in first-quarter profit on Tuesday as the coronavirus pandemic forced the largest U.S. bank to boost reserves to cushion it from a wave of potential loan defaults.

FILE PHOTO: A J.P. Morgan logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith

Net income fell to $2.87 billion, or 78 cents per share, in the quarter ended March 31, compared with $9.18 billion, or $2.65 per share, a year earlier. The pandemic has shut down businesses, put nearly 10 million people out of work in the United States alone and is expected to cause a global recession not seen in generations.

 

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