JPMOR­GAN CHASE’S PROF­ITS HIT HARD BY THE PAN­DEMIC

USA TODAY US Edition - - MONEY + LIFE -

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.

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