- The biggest US bank, JPMorgan Chase, set aside $1.4 billion in fresh reserves in case of loan defaults, noting that its “central” scenario is “a mild recession”.
- At Bank of America, profits came in at $6.9 billion, up two percent from a year ago on an 11 percent jump in revenues to $24.5 billion.
- Wells Fargo reported a 50 percent drop in fourth-quarter earnings to $2.9 billion, due largely to a $3.3 billion hit related to regulatory problems.
Major US banks...