Business Corona Virus: "Unprecedented Crash" in the US Economy

Corona Virus: “Unprecedented Crash” in the US Economy

At Goldman Sachs The bottom line was a profit of $ 1.1 billion in the past quarter, just over half as much as a year earlier. To prepare for bad loans, the bank set aside $ 937 million, more than four times as much as a year ago. The enormous provisions are a clear indication of what a violent economic downturn big banks like Goldman Sachs adjust.

The Citigroup suffered a 46 percent drop in earnings to $ 2.5 billion in the first quarter compared to the prior year. The finance company deferred nearly $ 5 billion. Also the Bank of America the corona pandemic spilled the quarterly balance sheet. Year-on-year earnings dropped 45 percent to $ 4.0 billion.

How precarious the US money houses think the situation was already on Tuesday at the industry leader JPMorgan shown. The financial giant suffered a 70 percent drop in profits – provisions of $ 8.3 billion weighed on the balance sheet.

Strong price losses

In combination with the weak economic data, this also made investors nervous – the Wall Street reacted to the midweek with strong price drops, many financial stocks were high on the sales lists of exchange traders.

The Corona crisis has paralyzed the US economy since March – numerous shops and factories have had to close, many bills can no longer be paid. Banks face a wave of bad credit in the face of bankruptcies and mass unemployment.

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