Updated: JP Morgan and Wells Fargo see 1Q profits plunge

clock
Updated: JP Morgan and Wells Fargo see 1Q profits plunge

JP Morgan Chase's first-quarter profits fell almost 70% on the same period last year, according to figures the New York-based bank released today. The bank reported net income of almost $2.9bn for the 1Q2020, down from about $9.2bn in 1Q2019. Many of the Wall Street giant's biggest corporate clients drew down billions of dollars on existing credit lines and applied for billions more in new debt, the bank said. The firm has increased its total credit reserves to $8.3bn, the highest si...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login

Author spotlight

Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.