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(NYPost)   JP Morgan sets aside 10 billion dollars as the Pandemic rages, the economy slides and debts mount   (nypost.com) divider line
    More: Scary, Washington Mutual, Income, Revenue, CEO Jamie Dimon, Jamie Dimon, JPMorgan Chase, bright spot, Economics  
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422 clicks; posted to Business » on 15 Jul 2020 at 3:11 PM (3 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



11 Comments     (+0 »)
 
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2020-07-15 2:25:40 PM  
All major banks are setting aside reserves for what is coming down the pipeline. They see it. The admin out front doesn't.
 
2020-07-15 3:24:49 PM  
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2020-07-15 3:30:31 PM  
banks are wise to set aside gigantic reserves now while their earnings are still robust (well, except for Wells)

if losses come in smaller than expected, releasing the reserves can juice profits later.
 
2020-07-15 3:41:02 PM  
You'd think they'd be okay especially with that $12 they charge you every month for not having $500 in your paycheck. I bank with a different bank for several years now after dumping them.
 
2020-07-15 3:52:09 PM  

jevans47403: You'd think they'd be okay especially with that $12 they charge you every month for not having $500 in your paycheck. I bank with a different bank for several years now after dumping them.


It's really sad how many small taxes there are like that on low-income people.
 
2020-07-15 4:25:54 PM  
That's probably sound advice.  I'm going to set aside $10 billion too.
 
2020-07-15 7:32:30 PM  

AsparagusFTW: All major banks are setting aside reserves for what is coming down the pipeline. They see it. The admin out front doesn't.


they see a ton of housing going up on the market in a few months.
 
2020-07-15 7:51:43 PM  

Mad_Radhu: jevans47403: You'd think they'd be okay especially with that $12 they charge you every month for not having $500 in your paycheck. I bank with a different bank for several years now after dumping them.

It's really sad how many small taxes there are like that on low-income people.


There are a few good options out there. Folks who are poor should look into online only banks and prepaid services like AmEx's Serve card. They tend to cater to low income folks.
 
2020-07-15 10:02:25 PM  

meanmutton: Folks who are poor should look into online only banks


sounds good in theory...
 
2020-07-16 1:02:22 AM  

meanmutton: Mad_Radhu: jevans47403: You'd think they'd be okay especially with that $12 they charge you every month for not having $500 in your paycheck. I bank with a different bank for several years now after dumping them.

It's really sad how many small taxes there are like that on low-income people.

There are a few good options out there. Folks who are poor should look into online only banks and prepaid services like AmEx's Serve card. They tend to cater to low income folks.


Better Bank's online accounts come with an insurance policy worth $5k for unexpected medical bills

https://betterbank.app/safety-net
 
2020-07-16 1:39:17 PM  
That should be enough for the 4th quarter of 2020
 
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