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BofA joins rival banks in setting aside billions for loan losses

Its prediction that business conditions will remain weak this year — and into next year — stands in stark contrast to forecasts from political leaders that the economy will rebound quickly from the coronavirus pandemic.

Nearly everything fell during the difficult first quarter: net income, advisory assets, IRA assets, and advisor headcount.

Phil Sieg, who has 35 years of industry experience, will help the bank’s advisors grow their practices.

Vanguard reclaimed its top spot in J.D. Power’s annual ranking of self-directed investor satisfaction. Charles Schwab retained its position as a leader among DIY investors.

The father-son team praised Ameriprise’s assistance in the face of the coronavirus pandemic after making the move.

Though hopeful for a second-half bounceback in the economy, JPMorgan Chase is prepared for 20% unemployment, lackluster GDP and losses in its loan portfolio that could reach tens of billions of dollars.

For starters, they can use the windfall to pay off debt, shore up their HSAs and build a cash reserve.

The damage hints at what’s to come when the rest of Wall Street reports results this week.

The $349 billion stimulus package from the Small Business Administration provides loans to cover payroll, rent and utilities for up to eight weeks.