Banks Brace For A Historic Crash With Record Loss Provisions

Even though moderna has positive results..

Well, after the longest expansion in history, this process has gone aggressively into reverse, and instead of releasing loan loss reserves the banks are now building them up again as the "biblical" wave of consumer and corporate defaults due to the US economic shutdown hits US banks.

We first made this observations exactly thee months ago when in "Houston: The Banks Have A Huge Problem" we said, and we quote...

... on average most banks - this time including the hedge fund known as Goldman Sachs which has since pivoted to becoming a subprime lender to the masses with "Marcus" - saw their loan loss provisions surge by roughly 4x from year ago levels, with JPMorgan's jumping the most, or just over 5x, hinting the other banks are likely underprovisioned for the storm that is coming.

[link to www.zerohedge.com (secure)]