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'It's going to be really ugly.' Here come the big bank earnings

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It's a depressing time for America's banks — and Wall Street is bracing for huge profit plunges when they report results this week.

New York Mass unemployment. Surging bankruptcies. An unprecedented health crisis. And near-zero interest rates. It's a depressing time for America's banks -- and Wall Street is bracing for huge profit plunges when they report results this week.

JPMorgan Chase , Bank of America and Citigroup are all expected to reveal their second-quarter profits crashed by 50% or more. Wells Fargo is likely to slash its coveted dividend and announce the scandal-ridden bank's first quarterly loss since the financial crisis. "2020 has been a disaster," said Jim Shanahan, who covers banks at Edward Jones."It wasn't the banks' fault. It was like we had an alien invasion in the second quarter.

 

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Trump can most likely take some credit for this as well do to the out of control virus. Trump continues to act as though every thing is okay.

Have they tried not buying so much Starbucks?

Oh please! The banks were already in big trouble before Covid. Stop insulting our intelligence.

I just bought a bunch

Really? Awwww. So sorry😭. Hmmmm one bank made $400 million on processing money that was GIVEN to them for small businesses so that they could keep their workers. NOT. Let them explain that. 😡

So the ceo couldn’t have his 3rd yacht. Boohoo. Am crying.

Just like the jobs report was going to be ugly right ? Isn’t that what the Dems want? For corporations to fail and not make money. CNN is such a joke

Even more depressing is the financial strain on schools and daycare centers

Poor banks. A true sob story.

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