JPMorgan, Wells Fargo Profits Tumble as Banks Brace for a Recession

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JPMorgan, Wells Fargo Profits Tumble as Banks Brace for a Recession
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JPMorgan Chase and Wells Fargo set aside billions of additional dollars to get ready for a flood of customers to default on their loans as the coronavirus pandemic pummels the economy

Fed Chairman Jerome Powell explained the Fed’s new round of $2.3 trillion in lending programs in an online forum last week, but underscored the limits of the central bank’s powers to halt the economic impact of the coronavirus pandemic.

Photo: Eric Baradat/AFP
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