JPMORGAN CHASE’S PROFITS HIT HARD BY THE PANDEMIC

The coronavirus pandemic is weighing heavily on the financial health of JPMorgan Chase, as the nation’s largest financial company set aside billions in the second quarter to cover potential losses from the businesses and consumers who are unable to pay their debts because of the slumping economy. The results offer a glimpse into how badly the pandemic is impacting the financial health of American consumers and businesses. Last quarter, when the coronavirus pandemic had only just begun, JPMorgan set aside nearly $8.3 billion to cover loan losses. The bank added additional $10.5 billion to those reserves this quarter.