“A good, well-designed stimulus package will simply increase the chance we get better outcomes,” said JPMorgan’s Chairman and CEO Jamie Dimon in an conference call with reporters.
Both Citi and JPMorgan set aside fewer funds to cover potentially bad loans, contributing to the improvement in their third-quarter results. These loan-loss reserves, as they are known, are funds banks put aside when borrowers stop paying on their loans or there are economic signals that show a potential for more loans to go bad.
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October 16, 2020