2min chapter

Forward Guidance cover image

Chris Whalen on Big Bank Earnings and the Return of Credit Risk

Forward Guidance

CHAPTER

How JP Morgan's Financial System Makes Money

The way banks make money is all based on assumptions. Banks are supposed to build for those losses. And that's why they took all these losses that were really paper losses in March of 2020, April 2020. Then when people actually paid back their loans, it was a huge,. you know, money coming out of the credit reserve that's basically making money.

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