Banks set aside billions, bracing for more pain

With tens of millions of Americans out of work and many businesses shut down or operating under restrictions due to the coronavirus, three of the nation’s biggest banks set aside nearly $30 billion in the second quarter to cover potentially bad loans that were fine only a few months ago. The results from JPMorgan Chase, Wells Fargo and Citigroup on Tuesday offer perhaps the broadest glimpse yet into how badly the pandemic is impacting the financial health of American consumers and businesses. Bank executives, in conference calls with analysts and reporters, said they underestimated how long the pandemic would last and its impacts on the overall economy.