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America’s big banks setting aside billions to cover bad loans during coronavirus

America’s big banks setting aside billions to cover bad loans during coronavirus

America’s big banks have set aside up to $25bn to cover the cost of bad loans during Covid-19 economic slump. Goldman Sachs, Citigroup & BOA have made provisions of about $12 bn yesterday. JP Morgan & Wells Fargo made similar moves earlier. This reflects US banks’ expectation of customers’ failure to repay loans due to the pandemic. The last three weeks saw business closures and 16mn job losses.

Milan
Milan
Top in Business