Big banks built a $35 billion fortress to protect against coronavirus bankruptcies and defaults

From cnn.com

Officials in Washington are trying hard to minimize the amount of bankruptcies, defaults and foreclosures caused by the coronavirus pandemic. America's big banks are planning for the worst anyway. Bank of America, (BAC) JPMorgan Chase, Citigroup, Wells Fargo and US Bancorp (USB)have set aside an additional $35 billion during the first quarter to cushion against loans that go bust, according to a tally by Edward Jones. That unprecedented sum underscores the magnitude of the economic shock, vast uncertainty over the shape of a recovery and a new accounting standard that requires banks to project losses over the life of ... (full story)