Share

US banks set aside $28 billion to cover loan losses from coronavirus pandemic

Three of the largest banks in the United States have dramatically increased their reserves to cover losses from unpaid loans. JP Morgan, Wells Fargo and Citigroup together set aside $28 billion to cover bad debts in the three months from April to June. The lenders are expecting the damage from this crisis to be protracted, and unemployment in the US to remain over 10 percent until the end of the year, with knock-on effects on the repayment of loans from households and businesses. 

Subscribe to France 24 now:
http://f24.my/youtubeEN

FRANCE 24 live news stream: all the latest news 24/7
http://f24.my/YTliveEN

Visit our website:
http://www.france24.com

Subscribe to our YouTube channel:
http://f24.my/youtubeEN

Like us on Facebook:
https://www.facebook.com/FRANCE24.English

Follow us on Twitter:

Leave a Comment