Bloomberg data suggests banks are getting ready. Statista presents “top banks like Wells Fargo, Bank of America, Citigroup and JPMorgan Chase have continued to increase available provisions for loan losses for the second quarter of 2020 – continuing a trend from the first quarter of drastic increases in loan-loss provisions. JPMorgan Chase reportedly has the highest amount of cash available to overcome the cost of loan defaults, with a predicted $8.4 billion set aside for the second quarter.” We can hope their predictions are worst case scenarios.
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