MONEY SET ASIDE BY BANKS FOR BAD LOANS, but all is good they are making money from trading (Lol)
DON'T BELIEVE THEY HYPE
If all is good why so much money set aside for bad loans. Also what happens when the stock market goes down and they can no longer hold this thing together from GAMBLING in the Stock Market. "Look out below"
JPMorgan Chase & Co. set aside $10.47 billion to cover potential losses on loans to borrowers hurt by the coronavirus pandemic, cutting its second-quarter profit in half.
Wells Fargo on Tuesday posted its first quarterly loss since the financial crisis as the bank set aside $8.4 billion in loan loss reserves tied to the coronavirus pandemic.
Citigroup Inc reported a nearly 73% plunge in quarterly profit on Tuesday as the bank set aside $5.6 billion to brace itself for a potential surge in loan defaults stemming from the coronavirus outbreak.