Wells Fargo & Co on Tuesday reported a plunge in first-quarter profit as the U.S. bank set aside billions of dollars to cover potential loan-losses from the coronavirus pandemic.
JPMorgan Chase & Co’s profit plunged by more than two-thirds in the first quarter as the largest U.S. bank put aside nearly $7 billion in reserves to protect it from a wave of potential loan defaults in the months ahead.
Global airlines will lose $314 billion in revenue due to the coronavirus pandemic in 2020 according to a forecast from the industry’s representative body IATA, which raised its estimate from the $252 billion figure given on March 24.
The U.S. government has poured trillions of dollars into financial markets and launched stimulus programs to support individuals and small businesses whose income has stalled due to the virus. “Our results were impacted by a $3.1 billion reserve build, which reflected the expected impact these unprecedented times could have on our customers,” Chief Financial Officer John Shrewsberry said in a statement. The fourth-largest U.S. lender’s quarterly profit fell to $42 million, or 1 penny per share, from $5.51 billion, or $1.20 per share, a year earlier. …read more […]
Cisco Systems Inc on Tuesday launched a $2.5 billion financing program that lets its customers defer 95% of payments until 2021, giving companies additional leeway at time when some are facing a cash crunch but also need more remote-work tools. As the coronavirus forces many businesses to operate entirely online, many of them have adopted or boosted usage of video conferencing and virtual private network software, including Cisco’s Webex and AnyConnect. The surge in internet activity has also increased usage of networking equipment that Cisco also sells. …read more […]
World stocks gained on Tuesday after Chinese trade data came in better than expected and as some countries tried to restart their economies by partly lifting restrictions aimed at containing the coronavirus pandemic.
U.S. stock index futures gained 1% on Tuesday on better-than-expected trade data from China and signs some economies were preparing to ease lockdowns, even as the first batch of earnings reports underlined the hit from the coronavirus outbreak.
Investors have been hoarding cash at a rate not seen since the immediate aftermath of the 9/11 attacks of 2001, BofA’s April fund manager survey showed, as the coronavirus roiled global financial markets.
French automaker Renault SA is ditching its main passenger car business in China following poor sales at the loss-making venture with Dongfeng Motor Group .
Oil and natural gas stock Chesapeake Energy (CHK) has announced that shareholders have now approved a reverse stock split, at a ratio of 1-for-200.With shares now trading at just $0.16, the reverse split is intended to increase the per share trading price to satisfy the $1 minimum bid price requirement for continued listing on the NYSE.As a result of the reverse stock split, 200 shares of CHK’s common stock will automatically combine into one share, and the number of shares of common stock outstanding will be accordingly reduced from roughly 1.96 billion to 9.78 million.The split will become effective at …read more […]
British clothing retailer Next hit a self-imposed daily limit within hours of re-opening its online business on Tuesday, indicating consumer demand during the coronavirus lockdown.
Barclays has halted new job cuts while the coronavirus crisis is ongoing, the bank said in an internal memo seen by Reuters on Tuesday.
JPMorgan Chase & Co’s quarterly profit slumped by more than two-thirds as the coronavirus pandemic and record low oil prices forced the largest U.S. bank to boost reserves to protect it from a wave of potential loan defaults.
The ten U.S. states coordinating plans separately from the White House to reopen businesses shut by the coronavirus are responsible for an outsized proportion of the U.S. economy.
To the annoyance of some shareholders, Discover Financial Services (NYSE:DFS) shares are down a considerable 30% in… …read more […]
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