Systemic US banks put aside $35bn for credit losses in Q2

Reserves set aside to cover shaky credit assets topped $35 billion at the eight US globally systemic lenders in Q2, up some $10 billion quarter-on-quarter.

Provisions for credit losses (PCL) amounted to a staggering 244% of aggregate net income, up from 175% in Q1.

JP Morgan led the group, taking $10.5 billion of PCL over the three months to end-June, up 26% on the prior quarter. The bank reported $4.7 billion in net income.

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