U.S. Bank Profits Plunge 70% on Coronavirus Loss Provisioning

Reuters, June 16, 2020–Pete Schroeder
The Federal Deposit Insurance Corporation reported that “deteriorating economic activity” caused lenders to write off delinquent debt and set aside billions of dollars to guard against future losses. Over half of all banks reported a profit decline, and 7.3% of lenders were unprofitable.
https://www.reuters.com/article/us-usa-fdic-results/u-s-bank-profits-plunge-70-on-coronavirus-loss-provisioning-idUSKBN23N2GT