A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in Manhattan, New York, US, November 13, 2017. — Reuters pic
The bank now has a total of US$8.3 billion set aside to cover loans that may go bust in the aftermath of the virtual shutdown of huge swathes of the United States and other economies. “Given the likelihood of a fairly severe recession, it was necessary to build credit reserves,” Dimon said. Commentary from Dimon on calls with journalists and analysts later in the day will also be important. The 64-year-old CEO has become something of a spokesman for Corporate America and just returned to his job after emergency heart surgery in early March.
Analysts on average had expected US$1.84 per share, according to Refinitiv. It was not immediately clear if the reported numbers were comparable with estimates.
Source: Loan Digest (loandigest.net)
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