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JPMorgan profit hit hard by pandemic, as consumer banking struggles

JPMorgan profit hit hard by pandemic, as consumer banking struggles

JP Morgan reported better than estimated profit of $4.69bn, or $1.38 per share, a 51% decline from a year ago for Q1. The consumer banking division was impacted by the pandemic as it reported a loss of $176mn, against a profit of $4.16bn in 2019. Provisions at the beginning of Covid-19 pandemic in Q1 stood at $8.3bn to cover loan losses. The bank added additional $10.5bn to those reserves in Q2.

Milan
Milan
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