during the first quarter; JPMorgan’s profit dropped nearly 70% from a year earlier.
With unemployment above 14%, consumers and businesses alike are strapped for cash and in danger of defaulting on bank loans. Dimon said he expects that JPMorgan will ease off building its reserves in the second half of the year as the unemployment rate falls and the economy begins to recover.JPMorgan’s shares jumped 7.1% on Dimon’s comments; the bank reports second quarter earnings in July.through 2025, and that “substantial action” will be needed to make up for earnings shortfalls caused by the coronavirus crisis.
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