JPMorgan, Other Big Banks Front-Load $66B To Cover Bad Loans
PYMNTS
APRIL 30, 2020
The banks, combined, have set aside $66 billion for the prospect, which is likely due to the number of corporations that may have to default due to the virus’ economic destruction. banks have tended to be more profitable than their European counterparts, perhaps able to afford a significant hit. bank Citi has set aside $7 billion.
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