U.S. banks had only a few weeks’ experience with the full-blown pandemic when they last tried to forecast how bad things would get. Now, they’re about to reveal what three more months of Covid-19 did to the industry.
Second-quarter results, set for release next week, will probably show that the trends that took hold at the start of the year only intensified: surging provisions for loan losses and slumping consumer spending, with trading gains helping some banks weather the storm.
