JPMorgan—the biggest Wall Street bank—reported a major drop in profit in the first quarter, earning $2.87 billion, 69% less than a year ago, after it set aside $6.8 billion for its credit reserves. That massive addition is what the bank will use to cover its losses as customers default on loans across its credit card, consumer, and corporate loan businesses.
The firm’s revenue for the first quarter dropped to $29.1 billion, slightly below Wall Street’s expectation of $29.67 billion and just 3% less than a year ago. As market volatility shot up to unprecedented levels, however, JPMorgan’s trading business saw a bump: its market revenue shot up 32% to $7.2 billion.
On an earnings call on Tuesday, JPMorgan CFO Jennifer Piepszak said that the bank has seen more than 300,000 applications for emergency loans as part of the SBA’s Paycheck Protection Program, representing some $37 billion in financing. Piepszak said the bank has already disbursed $9.3 billion to small businesses. earlier this month, “but at a minimum, we assume that it will include a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008.
Source: Loan Digest (loandigest.net)
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