'This is not a normal recession': 3 large US banks set aside $28 billion to cover potential loan defaults due to the coronavirus pandemic

'This is not a normal recession': 3 large US banks set aside $28 billion to cover potential loan defaults due to the coronavirus pandemic

Business Insider

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· *JPMorgan, Citigroup, and Wells Fargo set aside a combined $28 billion to cover potential defaults on loans amid the pandemic recession. *
· *It's the most banks have set aside for bad loans since 2008, according to Bloomberg. *
· *"This is not a normal recession," said JPMorgan CEO Jamie Dimon. "The recessionary...

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