Banks Prepare for Things to Get Worse, ‘Stockpile Billions ‘.
”Collectively, JPMorgan Chase, Citigroup, and Wells Fargo have put aside $ 25 billion during the second quarter, they said. As a result, their quarterly profits plunged. It was Wells Fargo’s first quarterly loss since 2008,” The Dismal Science reports.
“You can claim a loss on money that you currently have in your hands because you think someone might not pay back a loan in the future?”