Banks are starting to reel from the financial impact of job losses and business shutdowns across the country from the coronavirus.
Two of the nation's biggest banks reported plummeting profits during the first three months of the year, as they sought to prepare for an onslaught of defaults in debt that ranged from credit cards and mortgages to business loans.by 69% as it set aside $8.2 billion — the largest amount since 2010 — to prepare for defaults.
Bank earnings are being scrutinized especially closely this week, as an early sign of how much damage has been done to the broader economy and the financial health of both businesses and people as a result of the COVI-19 pandemic. "Banks see much of the economic activity of the country ... and hence have a better idea of the size of the economic shock," said Sebastien Galy, a senior macro strategist at Nordea Asset Management, in a research note.
Goldman Sachs, Bank of America and Citigroup report earnings Wednesday, and Morgan Stanley will do so later in the week.
Source: News Formal (newsformal.com)
boo. hoo.
With $2.87 billion in profits in just the first quarter of 2020, how can Chase justify usurious credit card interest rates in a time of worldwide crisis? People are suffering. Banks are profiting. banksdontcareaboutyou ProfitsOverPeople usury
A tragedy isn't NOT reaching quarterly goals.
Well banks let me tell you: you are not the only one not making a profit and only loose money! Join the rest of the US people and stop your whining!
Forgive the loans. We did.
So with the US market roaring today...my question is who is buying with this kind of news?
Let all the banks and wall street die. I could care less they do nothing to help 90% of us
Better pull themselves up by the bootstraps and stop buying avocado toast then. No excuses!
Please take note. Profits fell but they still made profits. They’re not hurting.
Nice
OH NOOOOO!!!
I feel for them. Our profits have fallen to nothing
BS. Markets are on fire. No need to work or pay taxes
Just like us normal people, big bank execs are going to have to postpone buying that third boat for awhile.
So even with their profits falling, did they make millions or billions?
Well every dark cloud has a sliver lining
Doesn’t matter. They will all get bailed out anyway.
But they are still profitable. Let them fail if they don’t properly prepare. No bail out.
How much did they set aside for year-end bonuses?
Boo hoo. Hope you're not struggling. SSDI/Disabled
The virus does have a silver lining
So many tears streaming down the face of my soul for Wells Fargo; unfortunately, they’re likely taking this out on their employees
I don't feel bad for either of them.
Stonks go up!!
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