Wednesday, 14 Oct 2020 07:19 AM MYT
“It's important and it needs to happen as quickly as possible,” said Citi Chief Financial Officer Mark Mason, who added that massive spending from Washington has helped avert a tidal wave of delinquencies so far. “If the better outcomes happen” with a good a stimulus package, “we are over reserved by US$10 billion ,” he said. But if there is a double-dip recession, the bank could be “unreserved by US$20 billion,” Dimon added.
As in the second quarter, when volatility boosted trading activity, JPMorgan again scored higher revenue from its markets division. Chief Financial Officer Jennifer Piepszak said many consumers have higher cash balances than before the pandemic and have avoided taking on debt. At the same time, Citi was buffeted by a hit from lower interest rates and a US$400 million civil penalty from regulators over lax internal controls announced last week by US authorities. The company's share price fell sharply during a conference call with analysts when executives were pressed about the settlement.