Citigroup Inc.Major U.S. banks are preparing for the coronavirus recession to get worse. Citigroup, Wells Fargo & Co. and JPMorgan Chase & Co. reported Tuesday that they stockpiled billions of dollars to cover losses as consumers and businesses start to default on their loans. Citigroup’s second-quarter profit fell 73%, weighed down by $7.9 billion set aside for loan losses. Citigroup shares fell 3.9%, Wells Fargo shares fell 4.6%, and JPMorgan rose 0.6% on Tuesday.

Source: Wall Street Journal July 18, 2020 00:11 UTC