Everybody Is, Bluntly, Struggling’ said Bill Demchak, CEO of PNC Financial Services Group on an earnings call.

CEO, CFO, and Analysts Quotes

  • PNC CEO: ‘Everybody Is, Bluntly, Struggling’ said Bill Demchak, CEO of PNC Financial Services Group on an earnings call. “The generic corporate client we talk to, who’s otherwise open and doing business, is almost without exception down from what they would have expected going into the year and down from where they were last year.”
  • Citigroup CEO: “I don’t think anybody should leave any bank earnings call this quarter simply feeling like the worst is absolutely behind us and it’s a rosy path ahead,” Citigroup Inc. Chief Executive Michael Corbattold analysts Tuesday. “I don’t want to be pessimistic…I want to be a realist.
  • JPMorgan CFO:  “In the first quarter, when we were really looking at a deep but short-lived downturn, we were really very much focused on most impacted sectors,” said JPMorgan Chief Financial Officer Jennifer Piepszak. “Now that we’re looking at a more protracted downturn, we’re reserved for a much more broad-based impact across sectors.”
  • JPMorgan CEO: “We cannot forecast the future,” JPMorgan CEO James Dimon told analysts. “We don’t know. The word unprecedented is rarely used properly. This time it’s being used properly.”
  • Wells Fargo Analyst: “People are scared, and they are responding by both banking their cash and basically prefunding their borrowing needs as much as they can,” Wells Fargo bank analyst Mike Mayo said.

Things are poised to get worse as reopening goes in reverse in the south. And things were not improving fast in the first place.


  1. Cass Transportation Index "Not Good By Any Measure"
  2. Housing Starts and Permits Improve But Not Enough
  3. China’s Unexpectedly Strong Growth Isn't What it Seems
  4. Industrial Production Rises But It is Far Below the Pre-Covid Trend
  5. Patients Stranded in Emergency Rooms as Hospitals Fill Up


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Banks Raise Loan Loss Provisions: BofA Sees No Recession But is Prepared for One

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Fictional Reserve Lending Is the New Official Policy

Official policy finally caught up with reality. Reserves are fictional.

Chinese Debt Imploding: Hospitals Need Loans From Nurses

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Unemployment Claims More Than Double Last Week's Record Total

Initial unemployment claims more than double last weeks total, and last week was then the largest in history.

Is Deutsche Bank Cooking its Derivatives Book to Hide Huge Losses?

Deutsche Bank’s notional derivatives book had huge swings in notional value between its year-end 2014 report and its “passion to perform” year-end 2015 report.