They are under less pressure from policymakers to halt repurchase plans, but some have already hit the brakes and others may unofficially do so if the pandemic worsens.
Sen. Sherrod Brown of Ohio, the top Democrat on the Banking Committee, said financial institutions "need to be investing in their communities right now, not investing in their CEOs’ stock portfolios.”
Investors worry the drop in crude prices could spark a rash of defaults; the bank denies it opened accounts without customer permission to meet sales quotas.
Concerns about the economic fallout of coronavirus have mostly focused on supply chain disruptions. But fears are growing that weakening consumer demand could spark a recession.
Elizabeth Duke and James Quigley step down from board; the bank is asking corporations to divulge their exposure and preparations as part of risk assessment.
Fed makes emergency cut, JPMorgan tests contingency plan; the justices appeared divided on whether to give the president power to fire the agency’s director.
The bank agreed to pay $35 million to settle SEC charges it recommended high-risk ETFs to some customers; coronavirus fears continue to batter financial shares.
