Big U.S. banks predict more economic pain from coronavirus

[Yo_Mama_Been_Loggin]

NEW YORK (Reuters) - Three of the largest U.S. banks said on Tuesday they had set aside a whopping $28 billion for loan losses, in a stark reminder that much of the economic pain from the coronavirus pandemic is still to come.

Borrowers have been propped up by trillions of dollars in government and bank assistance, cheap credit and loan forbearance programs, but some of that support is going away, and banks said they fear losses will spike.

"The consumers' incomes are up, savings are up and home prices up," said JPMorgan Chase & Co CEO Jamie Dimon said on a call with journalists. "The recessionary part" will come later, he said.

JPMorgan and Citigroup Inc each reported huge second-quarter profit declines on Tuesday, while Wells Fargo & Co posted its first loss since 2008.

https://www.msn.com/en-us/money/news/big-us-banks-predict-more-economic-pain-from-coronavirus/ar-BB16J3Mh?li=BBnb7Kz

[NewJeffCT]

1. But, Jared Kushner said we'd be booming in July

and beyond. You mean he was wrong?

[NoMoreRepugs]

2. Diamond is a fucking idiot.

"The consumers' incomes are up, savings are up and home prices up," said JPMorgan Chase & Co CEO Jamie Dimon said on a call with journalists. "The recessionary part" will come later, he said.

Tens of millions of consumers are out of work or were on furlough without pay - what world is he living in?

Smartest guy in the room my ASS.

[Wellstone ruled]

3. How soon the public forgot what

this POS said in 2007. Same garbage and we know how that ended. Folks,we are now in uncharted Territory. This Pandemic is with us for many months to come and the State Moratoriums on foreclosures and Evictions will not last much longer. The Lobbyist's are working the phones 24/7.

[ProfessorGAC]

4. He's Also A Liar

No amount of cherry picking the data supports overall consumer income being up.
And, if it were, we wouldn't be reading this article. It wouldn't have been written.