And Citigroup posted a $1.3 billion profit for the quarter, a 73 percent drop from the second quarter last year. One warning signal is flashing red for the banks as they prepare for steeper loan losses: Home loan delinquencies hit a record high in April. President Trump is touting the economy as already roaring back:The Economy is coming back fast! And White House economic adviser Larry Kudlow continues to project a V-shaped economic recovery, with 20 percent growth in the second half of this year. Nevertheless, Oppenheimer analyst Chris Kotowski says the big banks remain in strong position to weather the economic skid.

Source: Washington Post July 15, 2020 12:33 UTC