Credit cards have an"outsized impact", Mr Ramsden said, because lenders have extended some US$2 trillion in those loans to consumers, and performance is so closely tied to unemployment.
However, nearly 10 million Americans have filed jobless claims as the coronavirus has shut down retail stores, restaurants and other businesses deemed"non-essential" across the country. Although major US banks already halted share repurchases through June to conserve capital, they face political pressure from Democratic lawmakers, prominent former regulators and some economic commentators to cut dividends as well.
Goldman Sachs Group Inc CEO David Solomon and Morgan Stanley CEO James Gorman made similar statements in television interviews this week.
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