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The pain was partly cushioned by a boom in trading, with JPMorgan fixed-income trading revenues surging 99 per cent. Fixed income trading also rose sharply at Citi, with trading revenue climbing almost 60 per cent in the quarter.
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Jamie Dimon, chief executive of JPMorgan, which reported a record $10.5bn of loan loss provisions in the quarter, said charges could rise if the economy worsened. “We don’t know what the future is going to hold. This is not a normal recession,” he said, adding that the bank was “prepared for the worst-case scenario”.
https://www.ft.com/content/f1bbaf65-7cb7-4855-ba7f-d9bda5f4b053
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