Is the Worst Over for JPMorgan Chase?
When the coronavirus pandemic swooped down on the economy in March, it created a situation that very few could have imagined in January or February. The pandemic forced all banks to set aside huge sums of cash to prepare for future loan losses because tens of millions of people were suddenly out of work, while many businesses faced a doomsday scenario.
As the nation's largest bank, JPMorgan Chase (NYSE: JPM) set aside close to $19 billion in the first half of the year to cover potential future loan losses because of its far reach into the U.S. economy and exposure to the many industries and business segments it operates in . That's more than any other bank in the country.
While the first few quarters of the year have been difficult, I am cautiously optimistic that the worst is over for JPMorgan. Here's why.
Source Fool.com
