The largest US bank JPMorgan
JPMorgan posted double-digit billions due to impending loan defaults, but has so far weathered the crisis well overall. Earnings were a positive surprise, increasing 15 percent year over year to nearly $ 34 billion. Among other things, the bank benefited from brisk business on the financial markets and in investment banking. “JPMorgan remains stable in these unprecedented times,” announced CEO Jamie Dimon.
The rival Wells Fargo fared significantly worse
In contrast to the US competitors, who can compensate for weaknesses in the credit business with their investment banking and trading divisions, Wells Fargo has traditionally held back here. In addition, the money house is already heavily burdened due to conditions related to fake accounts and other dubious business practices. The numbers were not well received on the market – the stock reacted to the market with losses. Investors particularly disliked that Wells Fargo cut dividends more than expected.
Citigroup also has billion-dollar buffers against credit defaults in the Corona crisis
ISIN US46625H1005 US1729674242 US9497461015
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