Systemic US banks put aside $25bn for credit losses in Q1

Loan-loss provisions took huge bites out of the eight US global systemically important banks’ first quarter income as they prepared for a wave of defaults from borrowers stricken by the coronavirus crisis.

In aggregate, the G-Sibs put aside $25.5 billion for loan-losses in Q1 – equivalent to 175% of their aggregate net income.

JP Morgan took a mammoth $8.3 billion provision for credit losses in Q1, almost six times more than in Q4 2019. The bank posted net income of $2.9 billion for the

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