Here’s How Big Banks Fared In The First Quarter As The Coronavirus Recession Took Hold

JPMorgan—the biggest Wall Street bank—reported a major drop in profit in the first quarter, earning $2.87 billion, 69% less than a year ago, after it set aside $6.8 billion for its credit reserves. That massive addition is what the bank will use to cover its losses as customers default on loans across its credit card, consumer, and corporate loan businesses.

The firm’s revenue for the first quarter dropped to $29.1 billion, slightly below Wall Street’s expectation of $29.67 billion and just 3% less than a year ago. As market volatility shot up to unprecedented levels, however, JPMorgan’s trading business saw a bump: its market revenue shot up 32% to $7.2 billion.

On an earnings call on Tuesday, JPMorgan CFO Jennifer Piepszak said that the bank has seen more than 300,000 applications for emergency loans as part of the SBA’s Paycheck Protection Program, representing some $37 billion in financing. Piepszak said the bank has already disbursed $9.3 billion to small businesses. earlier this month, “but at a minimum, we assume that it will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008.

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JPMorgan Profit Sinks Nearly 70% As It Braces For Loan DefaultsNew York-based JPMorgan, the largest U.S. lender by assets, reported first-quarter earnings that showed the growing toll of the new coronavirus on the nation’s economy and banking system. Not to worry, the boss of JP Morgan is on the board of the company distributing the US bailout money. I am sure he will get his bank plenty. What will they do for the suffering 99%? Awwww.... I feel sooooo SAD for JPMorganChase.... Poor babies, profit is down 1st Qtr of 2020. USTreasury Maybe they should get MORE Tax$ bailout money. CNN GOP DNC FoxNews
Source: WSJ - 🏆 98. / 63 Read more »