Banking

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.

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.

Just days after the Fed lifted Wells Fargo's asset cap so it could make more Paycheck Protection Program loans, it warned customers its queue is long and they may want to go elsewhere before program funds are exhausted.

“Traditionally, 401(k)s generally have some really good investment options that you wouldn’t be able to do on your own,” an expert says.

By extending their working years, seniors can see an increase in their Social Security payouts.

“We have to have a roadmap for how to deploy capital in this environment,” says the global head of alternatives for the firm’s asset management arm.

The major issuers of leveraged products, which trade under the ProShares and Direxion trademarks, have each posted inflows of over $2.8 billion this month.

In some cases, workers who have received severance pay have the option of investing the money for retirement and other long-term goals.

No online lenders are approved for the agency's traditional programs, but they could make loans under the COVID-19 stimulus package if they get special approval.