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

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...

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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.