JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said on Tuesday that he expects the bank will boost its credit reserves again in the second quarter by an amount “roughly equivalent” to the $7 billion it added in the first quarter to protect the bank from a potential wave of loan defaults. “Since CECL is very forward looking, I think that banks will have to put up a lot more credit reserves this quarter,” Dimon said, referring a new accounting rule that requires banks to take provisions now for loans a borrower may default on at any …read more
Source:: Yahoo Finance
