JPM boosts credit loss provisions to highest levels since 2020
Allowances up to $28bn driven by worsening economic outlook
JP Morgan set aside $3.3 billion in the first quarter for potential future credit losses – the largest quarterly provision since the first half of 2020.
The US bank also charged off $2.3 billion in loans deemed unrecoverable, meaning the total allowance for credit losses climbed 3.6% to $27.6 billion, the highest since Q4 2020.
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