JPMorgan, Wells Fargo Profits Tumble as Banks Brace for a Recession – The Wall Street Journal, The Wall Street Journal

      

Big banks sent a clear message in first-quarter earnings Tuesday: This recession is going to be bad.

JPMorgan Chase & Co. and Wells Fargo & Co. set aside billions of additional dollars to get ready for a flood of customers to default on their loans as the coronavirus pandemic pummels the economy. That sunk the banks ’quarterly profits.

JPMorgan …