(Reuters) – JPMorgan Chase & Co JPM.N executives are cautiously optimistic that the coronavirus pandemic will not send the economy into the worst possible tailspin, and feel confident enough in the bank’s financial position to start repurchasing shares again soon if regulators allow.
Their comments came on Tuesday after JPMorgan reported much stronger-than-expected results for the third quarter, beating profit estimates and setting aside relatively little money for loan losses.
Only one of its four major units – consumer banking – saw revenue and profits decline, and even those customers are holding up relatively well, Chief Financial Officer Jennifer Piepszak said. Other businesses, including trading, investment banking, commercial lending and wealth management, posted gains.
Although JPMorgan expects loan losses to escalate, and added another $611 million to its loan loss reserves, that figure is tiny compared to the previous quarter and smaller than what