JPMorgan profit falls 69% as Covid-19 hits banks hard
The bank was healthy going into the pandemic and is prepared to take a knock for the good of the US economy, according to its CEO
New York — JPMorgan Chase said on Tuesday that first-quarter profit tumbled 69% to the lowest in more than six years as credit costs surged, giving investors a first glimpse at the extent of the damage Covid-19 is wreaking on bank results.
The company has set aside $8.29bn for bad loans, the biggest provision in at least a decade and more than double what some analysts expected, as it grapples with the effects of the coronavirus pandemic on the economy. That prompted JPMorgan’s first drop in profit since the fourth quarter of 2017...