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4/14, 5:11 PM (Source: TeleTrader)
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US unemployment could hit 20% in Q2 - JPMorgan

JPMorgan's CFO Jennifer Piepszak revealed on Tuesday the bank's economists estimate the unemployment rate in the United States could reach 20% in the second quarter of the year.

In preparations for such event, Piepszak said the bank has added $6.8 billion to reserves for loan losses in the second quarter as it expects a surge in defaults across its operations.

Earlier in the day, JPMorgan reported its revenue annually fell 3% to reach $28.3 billion in the first quarter of 2020, while its earnings per share concurrently plunged 71% to $0.78.

JPMorgan Chase & Co's stocks lost 2.71% to sell for $95.53 at 11:13 am ET. At the same time, the bank's shares sank over 31% since the beginning of the year.

Breaking the News / ND