Two big U.S. banks offer glum outlook for #coronavirus recession
Wednesday, 15 April, 2020, 21:40
The main things investors wanted to learn from first-quarter results by JPMorgan Chase & Co JPM.N and Wells Fargo & Co WFC.N on Tuesday was just how bad the coronavirus recession is going to get and how long it will take to get back to normal.
It looks decidedly unpretty.
Both banks reported major profit declines, primarily due to reserves for future loan losses, and executives said the worst is yet to come.
"In my mind, there's more downside than there is upside at this point," said Wells Fargo Chief Executive Officer Charles Scharf.
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