Banks Double Loan Loss Reserves ‘Everybody Is Struggling’
Everybody Is, Bluntly, Struggling’ said Bill Demchak, CEO of PNC Financial Services Group on an earnings call.
CEO, CFO, and Analysts Quotes
- PNC CEO: ‘Everybody Is, Bluntly, Struggling’ said Bill Demchak, CEO of PNC Financial Services Group on an earnings call. “The generic corporate client we talk to, who’s otherwise open and doing business, is almost without exception down from what they would have expected going into the year and down from where they were last year.”
- Citigroup CEO: “I don’t think anybody should leave any bank earnings call this quarter simply feeling like the worst is absolutely behind us and it’s a rosy path ahead,” Citigroup Inc. Chief Executive Michael Corbattold analysts Tuesday. “I don’t want to be pessimistic…I want to be a realist.
- JPMorgan CFO: “In the first quarter, when we were really looking at a deep but short-lived downturn, we were really very much focused on most impacted sectors,” said JPMorgan Chief Financial Officer Jennifer Piepszak. “Now that we’re looking at a more protracted downturn, we’re reserved for a much more broad-based impact across sectors.”
- JPMorgan CEO: “We cannot forecast the future,” JPMorgan CEO James Dimon told analysts. “We don’t know. The word unprecedented is rarely used properly. This time it’s being used properly.”
- Wells Fargo Analyst: “People are scared, and they are responding by both banking their cash and basically prefunding their borrowing needs as much as they can,” Wells Fargo bank analyst Mike Mayo said.
Things are poised to get worse as reopening goes in reverse in the south. And things were not improving fast in the first place.
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