JPMorgan CEO: bank will again boost credit reserves in second quarter

NEW YORK (Reuters) – JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said on Tuesday that he expects the bank to take another significant credit reserve build in the second quarter that is “roughly equivalent” to the billions it added to its reserves in the first quarter.

Speaking at a virtual conference, Dimon said that the need for adding to the bank’s credit reserves for loans that could go bad will likely taper off in the third and fourth quarters.

(Reporting By Elizabeth Dilts Marshall, Editing by Franklin Paul)