Banks set aside billions, bracing for more economic pain

FILE - In this Jan. 15, 2015, file photo, a Citibank sign hangs above a branch office in New York. The tens of millions of consumers and businesses out of work from the coronavirus pandemic weighed heavily on the financial results of Wall Street’s biggest banks on Tuesday, July 14, 2020, with the likes of JPMorgan Chase, Wells Fargo and Citigroup setting aside tens of billions of dollars to cover potentially bad loans that were just fine only a few months ago. (AP Photo/Mark Lennihan, File)

FILE- This Jan. 11, 2016, file photo shows a Chase bank branch in New York. The coronavirus pandemic is weighing heavily on the financial health of JPMorgan Chase. The nation’s largest financial company said Tuesday, July 14, 2020, that it set aside billions of dollars in the second quarter to cover potential losses from all the businesses and consumers who are unable to pay their debts due to the slumping U.S. economy. (AP Photo/Mark Lennihan, File)

FILE - In this April 3, 2020, file photo, customers, some wearing face masks, line up outside a Wells Fargo branch in the Atwater Village neighborhood of Los Angeles, during the coronavirus outbreak. Wells Fargo, on Tuesday, July 14, says it lost $2.4 billion in the second quarter, the first quarterly loss for the bank since the real estate crash of 2008. (AP Photo/Damian Dovarganes, File)