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Wells Fargo will cut costs further after first loss since 2008

Wells Fargo & Co will launch a broad cost-cutting initiative this year, executives said on Tuesday, as the bank braces for massive loan losses caused by the coronavirus pandemic and continues to work through expensive regulatory and operational problems tied to a long-running sales scandal.

JPMorgan braces for loan losses as trading props up profit

JPMorgan Chase & Co beat Wall Street profit estimates in the second quarter due to a surge in trading revenue while setting aside a record $10.5 billion to cover future defaults, as the bank predicts the United States faces a tougher path to economic recovery.

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