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The latest issue of Financial Standard now available as an e-newspaper

Banks brace for major loan losses

Three of the United States' biggest banks have set aside approximately $40 billion (US$28 billion) to brace for COVID-19 related loan losses, as Wells Fargo posts its first quarterly loss since the Global Financial Crisis.

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Read more: Wells FargoCOVID-19Global Financial CrisisUnited StatesJP Morgan ChaseCharlie ScharfCitigroupJamie DimonMichael Corbat