Coronavirus Live Updates : NPR

JPMorgan Chase, Wells Fargo Profits Crater As They Brace For Defaults : Coronavirus Live Updates : NPR

Two of the nation's biggest banks reported plummeting profits during the first three months of the year as they sought to prepare for an onslaught of defaults in debt that ranged from credit cards and mortgages to business loans.

The country's largest bank, JPMorgan Chase, said its profit fell by 69% as it set aside $8.2 billion — the largest amount since 2010 — to prepare for defaults.