JPMorgan Chase & Co reported a much better-than- expected jump in fourth-quarter profit on Friday as it released some of the cash it had built up against coronavirus-driven loan losses and benefited from continued strength in its trading and investment banking units.
By Reuters Staff
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FILE PHOTO: Chairperson of European Banking Authority (EBA) Andrea Enria attends a debate with the European Parliament s Economic and Monetary Affairs Committee in Brussels, Belgium September 26, 2016. REUTERS/Yves Herman
FRANKFURT (Reuters) - Euro zone banks have suffered some damage so far from the coronavirus pandemic, but that could change once official support measures are lifted, the European Central Bank’s top supervisor said on Friday.
Even though the euro zone economy was severely curtailed, banks saw their bad loans fall in the third quarter of last year, thanks to unprecedented government guarantees and moratoria as well as support from the ECB itself.
Global equities led fund inflows in the seven days to Jan. 13, Refinitiv Lipper data showed, bolstered by expectations of U.S. stimulus measures and extended bets on global economic recovery.
JPMorgan Chase & Co reported a better-than-expected quarterly profit on Friday as it released some of the cash it had built up against coronavirus-driven loan losses, although the bank cautioned that demand for loans was likely to remain sluggish this year.