New York
Three of the largest U.S. banks said they had set aside a whopping $28 billion for loan losses, in a stark reminder that much of the economic pain from the coronavirus pandemic is still to come.
Borrowers have been propped up by trillions of dollars in government and bank assistance, cheap credit and loan forbearance programs, but some of that support is going away, and banks said they fear losses will spike.
“The consumers’ incomes are up, savings are up and home prices up,” said JPMorgan Chase & Co CEO Jamie Dimon said on a call with journalists. “The recessionary part” will come later, he said.
