On Tuesday, JPMorgan kicked off the banks’ second-quarter earnings season, reporting net income of $11.9 billion boosted by a $2.3 billion net credit benefit from reserve releases.
We will soon see if lenders continue to write back the big provisions they took against bad debts at the outset of the pandemic lockdowns in 2020 and count these releases as profits.
The Federal Reserve has already allowed US banks to start paying dividends and buying back shares again.
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