'We're really hitting the moment of truth':15 Jul 2020 23:24
5 Wall Street execs have sounded the alarm on a tough economic recovery ahead. Here's what they said.....
The resurgence in coronavirus cases and new risks of an economic shutdown led major bank leaders to curb investors' enthusiasm for a near-term recovery.
Top executives from Citigroup, Goldman Sachs, JPMorgan, and Wells Fargo all cautioned that, while the worst of the pandemic's fallout likely hit in the second quarter, the path forward is murky and turbulent.
Here's what five bank executives — including four CEOs — said in their recent earnings calls about their economic outlook.
Surging coronavirus case counts and fears of a second US lockdown are prompting Wall Street's biggest names to err on the side of caution.
Citigroup, Goldman Sachs, JPMorgan, and Wells Fargo all reported second-quarter figures this week to kick off earnings season. Wells Fargo was the only one to stumble, with larger-than-expected loan loss reserves prompting its first quarterly loss since the financial crisis. The other firms trounced analyst estimates and cited strong trading desk revenues for their rosy performances.
Yet top executives at each bank took on a markedly more bearish tone than their quarterly reports might have suggested. Many referred to their near-term outlook as "uncertain," and some called for the second half of the year to be worse than expected just months ago.
With relief programs on the verge of expiration and virus cases trending higher, the banks' leaders are bracing for economic gloom to continue.
Here's what five top executives at four major Wall Street banks had to say about the nation's economic future.
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