Citigroup, Delta Air Lines, Twitter: headlines that defined the week

Citigroup Inc.

Major US banks are preparing to worsen the coronavirus recession. Citigroup, Wells Fargo & Co. and JPMorgan Chase & Co. reported on Tuesday that they had accumulated billions of dollars to cover losses as consumers and businesses begin to default on their loans. Citigroup’s second quarter earnings were down 73%, weighed down by $ 7.9 billion set aside for loan losses. Citigroup shares fell 3.9%, Wells Fargo shares fell 4.6% and JPMorgan increased 0.6% on Tuesday.

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