Jamie Dimon Warns 'A Bad Recession' Is Coming
The United States faces "a bad recession," combined with the kind of financial stress not seen since the global financial crisis of 2008, JPMorgan Chase CEO Jamie Dimon warns. "We are exposing ourselves to billions of dollars of additional credit losses as we help both consumer and business customers through these difficult times," Dimon wrote.
banks wrote getty
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HSBC's first-quarter profits drop by nearly half as coronavirus hits
HSBC on Tuesday reported first-quarter earnings that missed expectations after the bank set aside more money for potentially larger loan losses due to the coronavirus pandemic and weakening oil prices. The bank said it increased its expected credit impairment charges by $2.4 billion to $3 billion "due to the impact of Covid-19 and weakening oil prices on the forward economic outlook."
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