banks are in larger processing fees for bigger loans but now 4 of america's largest banks wells fargo j.p. morgan chase u.s. bank and bank of america have been sued for allegedly failing to process forgivable p.p.p. loans on a 1st come 1st serve basis as they're supposed to do just of course banks are trying to profit right now during this crisis we saw before with the last financial crisis but unfortunately this is because so many small businesses to learn that the money had run out and been completely allocated by the time they even got their applications through. yeah and the tough part about this brigida this is middle class america disappearing because these big banks are not middle class america and when they're getting bailed out obviously middle class america is not and with with fiscal disparity the way it is going right now this country is going to join other 3rd world nations here may 3rd world nations we are only going to have rich and poor and that's the direction we're going right now and that seems to be the direction of this bailout bailout the rich i guess it's the trickle down economy

the banks that are being sued are wells fargo j.p. morgan chase u.s. bank and bank of america they're being sued by a group of small business owners for allegedly approving paycheck protection program loans for wealthier clients before processing those forgivable stimulus loan applications for a less lucrative business is now the small business administration which is administering this program requires banks to process applications on a 1st come 1st serve basis but the true small business owners say that they didn't get that chance and they weren't given a fair chance to apply and by the time that their applications actually got through the money had already run out because it was already allocated to those bigger customers some banks also even reportedly denied applications from borrowers who had never worked with those banks before. you know when i see the names well for coke i think of america you know there's something hinky going on i mean it's almost been doing this for so many years and i've seen the same thing play out. with the same banks in

citigroup not doing great great regions financials and wells fargo and j.p. morgan chaseoing their bit to drag on stocks after loan loss provisions skyrocketed and net interest margins, among other items. guy: you are talking about bowing earlier on. let's get to more about what is happening in the aviation industry. today the international airport transferred organization says it expects revenues to drop 5% in 2020, that is 25% more than the previous forecast. air traffic will be down 48%. we are joined by alexandre de juniac, director general at iata. nice to speak with you again. let's talk about your current forecast. i am curious. the number seems to be getting worse and worse. how close are you now your worst-case scenario? alexandre: that is probably the most difficult question for us. we have worse figures every three weeks. considering the set of measures that have been implemented and the length of the possible travel restrictions that they have announced, that has been months, from weeks to and in addition to the restrictions, we have a strong recession on top.

restrictions china also increasing and one is tough to keep an eye on, san francisco- based wells fargo, and j.p. morgan chase both hosted a big drop in quarterly revenues following below analyst estimates as the bank set aside more money for credit losses. we have a lot of earnings for the next few days as well . >>> check your bank account, you may have received that stimulus check. 80 million american should have their stimulus checks by tomorrow. funds started going into accounts this past in which peo contractor payments the treasury department says that those who do not have direct deposit information on file will start to receive paper checks later this month. so keep an eye on the mailbox. later today, educators in the oakland school district will announce a campaign to help undocumented families during the pandemic. oakland teachers and principals are asking other educators and the general public to donate part of their stimulus check to undocumented family that are not receiving assistance from the federal government. oakland educators say up to 75% of immigrant families have seen their income great

increasing manufacturing and investors are keeping a close eye on the san francisco wells fargo bank along with j.p. morgan chase and they will release their earnings report before the opening bell this morning. now you want to check your bank account as you may have received a deposit from the stimulus package, 80 million americans should have their stimulus checks by tomorrow and the funds started going into accounts this past weekend and the irs is setting up a web portal in which people contract their payments and the treasury department says those who do not have direct deposit information on file will receive paper checks later this month. the stimulus payments are part of the $2 trillion cares act aimed at helping families and small businesses and we discovered business owners apply for these emergency funds are running into difficulties>>reporter: opening this maternity store on sacramento street in san francisco 23 years ago was not easy say the owners but it was nothing compared to applying for federal relief for small businesses.>> it is the hardest thing i have done in 23 years by a long shot.>> the

j.p. morgan came up co. president and coo of j. p. morgan chase, came up co. president and coo of j.p. morgan chase, charles scharf, ceo of wells fargo corbett, ceo of wells fargo, michael corbett, ceo of citigroup, alcala, ceo of visa, michael b bock, ceo of mastercard, noah wilcox, ceo of grand rapids state bank and we had numerous others also on the call and ijust numerous others also on the call and i just appreciate them. they are way ahead of schedule by the way. we are way ahead of schedule. the patient protection programme has been incredible. —— paycheque protection. but on the incredible success of the programme, iam announcing but on the incredible success of the programme, i am announcing that i will be asking congress to provide an additional $250 billion for the paycheque protection which will help keep americans employed to facilitate a quick and full recovery. we a re facilitate a quick and full recovery. we are doing very well and looking very bipartisan. people want to do it and the plan is amazing. they are processing hundreds of thousands of loans. this is the big banks that are doing it, the kennedy banks. the bi

j.p. morgan chase and wells fargo claiming the ban ge bgerceinr loanfit o of the banks denied the allegations. wells fargo did not immediately comment. >>> to the battle over testing. maryland has now purchased 500,000 coronavirus tests from south korea and comes as the white house insists the u.s. has improved testing capacity but some states are reporting gaps in supplies. abc's alex presha is in washington with the latest. alex, good morning. >> reporter: good morning, kenneth. president trump says the criticism over testing capacity for the coronavirus is partisan, despite governors from both parties asking for more help. this morning, president trump firing back at governors who had been critical of the administration's response to the pandemic as he highlights testing locations across the country. >> these are all locations. that's a lot of locations. >> reporter: the president claims adequate testing already exists saying it's not being utilized and singling out the republican governor of maryland, larry hogan. >> some of the governors like as an example the governor from maryland didn

wells fargo reporting and 80 9% drop in earnings. earlier today, j.p. morgan chase announced a 69% drop in quarterly earnings. and barack obama has endorsed joe biden in the race for the white house. the endorsement comes one day after his chief rival backed the former vice president. for years, columbia has been a haven from venice -- for venezuelan's driven from their country by the economic crisis and violence. after columbia imposed strict rules thousands of venezuelan's are turning -- returning home. >> what looks like a family stroll is really the beginning of an odyssey my carrying the few possessions that they hold dear with some wearing only flip-flops on their fleet, these venezuelan's are on their way home. theyey came to cololumbia seekia better life, but since t they forceded them into l lock it has become difficult to make ends meet. >> w we decided to return. >> i want to leave but i want to stay. the quarantine is hard for colombians. there is no work. how are we supposed to pay our rent? >> they received care packages provided by the refugee agency.

j.p. morgan chase and wells fargo was pretty dismal as expected.financial firms set to report including goldman sachs, a warning this reality check on outlook will continue. let's get su keenan. she has the latest. let's start with investor reaction to that 69% plunge in j.p. morgan's profit. reporter: that was a pretty dramatic plunge. the lowestally to level since 2013. we also learned the bank set aside $8.29 billion from bad loans. that is the biggest provision in . decade in fact from both j.p. morgan chase and wells fargo, it was the biggest set aside in a decade. between the two banks, it was more than $12 billion. that's more than double what most analysts expected. -- jp morgangpo ceo jamie dimon would not be immune for the pandemic, but what's important to note is the damage was offset by gains in j.p. morgan chase's trading revenue. in fact, they had record revenue, $7.23 billion, from the increase of volume in trading of stocks and bonds through all that volatility. we did not see wider strings -- swings in investor reactions for wells

j.p. morgan chase and wells fargo releasing results and confirming fears.banks importing massive declines in profits. u.s.oronavirus brings the economy to a standstill. italy reporting the fewest confirmed cases in months in new york governor andrew cuomo saying the changes in hospitalization has turned negative for the first time since the onset of the crisis. amanda: want to get in to a check of the markets. gains across the board. that is despite the fact that we had dire predictions from the imf. -- tech iswth down leading the way across these markets. big tech names gaining. bloomberg -- consumer discretionary doing well in the s&p 500. energy and financials, look at the biggest names in the reporting earnings for part of the reason. we are getting daily updates on the pace of this illness. italy with the fewest new acacias -- new cases in the month. a mixed bag out there. we did hear from j.p. morgan and wells fargo today. the set aside for loan loss provisions is really the most significant piece we are watching. konrad is an analyst at da davidson a

j.p. morgan chase jamie dimon goldman sachs citi group wells fargo u.s. bancorp morgan stanley james gorman. grand rapids state bank southern bancorp all great institutions with lots to say and lots of good ideas and if you look at how paycheck has been working out the numbers are incredible and i hope congress is going to be able to. supplement the amount of money going to our workers and i hope they're able to get that done very quickly because it's been an incredible success and many are already spending that money and the money has been distributed at numbers that nobody believed possible for the short period of time was only a week ago but a lot of money has been distributed already it's going to keep our small businesses open. the construction labor workforce international union of operating engineers jim callaghan north america building trades union shun mcgarvie it's a lot of friends of mine laborers international union of north america terrio sullivan international brotherhood of teamsters james hoffa national electorate all contractors associati

j.p. morgan wells fargo bank of america and citibank just those 4 banks own 81 percent of it so those are the guys getting bailed out by the fed in the meantime u.s. housing j.p. morgan chase to raise mortgage borrowing standards economic outlook darkens it just got harder to buy a house.

j.p. morgan wells fargo bank of america and citibank just those 4 banks own 81 percent of it so those are the guys getting bailed out by the fed in the meantime u.s. housing j.p. morgan chase to raise mortgage borrowing standards as economic outlook darkens it just got harder to buy a house from tuesday this week customers applying for a new mortgage will need a credit score of at least $700.00 and we acquire to make a down payment equal to 20 percent of the home's value but this is an interesting concept one of fairness as it relates to the economy and it's not really a big day and to be american system is not designed to be fair because fair is what is fair for one person is unfair to another person and that's a highly subjective term what america relies on is free market capitalism it relies on competition and if you are successful competing then. and you succeed remember in america possession is 9 tenths of the law now if you don't compete successfully then you get thrown out of the game basically but that's the way it is in the united states and. having said that when you talk about banks being bailed out by the fed and you talk about all of the high yield bonds being

j.p. morgan wells fargo bank of america and citibank just those 4 banks own 81 percent of it so those are the guys getting bailed out by the fed in the mean. time u.s. housing j.p. morgan chase to raise mortgage borrowing standards economic outlook darkens it just got harder to buy a house from tuesday this week customers applying for a new mortgage will need a credit score of at least $700.00 and we acquire to make a down payment equal to 20 percent of the home's value but this is an interesting concept one of fairness as it relates to the economy and it's not really a big day into the american system is not designed to be fair because fair is what is fair for one person is unfair to another person and that's a highly subjective term what america relies on is free market capitalism relies on.

j.p. morgan chase down 3% and wells fargo down 4%, as well and guy adami, the eps numbers, as expected wereut were you surprised how negative the market was on jpm? >> yeah, i was and karen spoke to this and the rest of the panel and it wasn't about earnings and what i was focused on is what their tangible book value was going to be and if you recall a couple of weeks ago when the stock, j.p. morgan traded around 85 or so and even if their tangible book comes in at 55 or a 10% haircut from the previous quarter it's still a buy and the tangible book came out at 60 and at its peak, j.p. morgan was trading at 2.3 times tangible book. i think the market is looking at this wrong and just my opinion and it deserves the premium and i'm not suggesting it should go back over to two and even at a 1.8 it should be north of 106 and 107. so i was surprised how poorly they traded today and let people try to figure this out and i still think jpm goes higher from here. >> dan nathan, i'll let you jump in so quickly on the banks and anything in the price action stick out to you >> i think sully was a tough

j.p. morgan chase, jimmy dimon has been great, goldman sachs, citigroup, wells fargo, us bancorp, morgan stanleyd rapids state bank, southern bancorp, all great institutions with lots to say and lots of good ideas and if you look at how paycheque has been working out the numbers are incredible and i hope congress is going to be able to supplement the amount of money going to our workers. i hope they are able to get that done very quickly because it's been an incredible success. and many are already spending that money and the money has been distributed at numbers and nobody believed possible for the short period of time. he was only a week ago but a lot of money has beenjust only a week ago but a lot of money has been just a only a week ago but a lot of money has beenjust a bit it already only a week ago but a lot of money has been just a bit it already and it's going to keep our small businesses open. the construction labour workforce international union of operating engineers, jim callahan, north america building trades union, sean mcgarvey, a lot of friends of mine. labour possibly internatio

j.p. morgan chase, bank of america, citigroup and wells fargo are set to release their currently earnings this week. >>> there are 600 a 2000 cases here in the united states according to data compiled by johns hopkins university. and 23,000 deaths in california. there almost 24,000 cases across our state, 715 people have died. here in the bay area there are 5200. here in the bay area there are 5230 confirmed cases, and 146 people have died from the virus. >>> the family of a man who died from covid-19 at a nursing home in hayward are accusing the operators of that facility of negligence and are now working with a law firm. henry lee spoke to the family and the attorneys today, he says eight of the residents of that same nursing home have also died. >> my wonderful husband, and the patriarch of our family, passed away at gateway, having caught the virus. >> reporter: diane is in morning after her husband died of a hayward nursing home outbreak where eight of the residents have died. >> my husband's death was tragic and preventable. he is not with us today because of the mistakes and neglig

quarter wells fargo reported an 89 percent drop in earnings that says it sets aside almost $4000000000.00 to cover potential losses on loans due to the coronavirus pandemic earlier j.p. morgan chase announced a 69 percent drop in quarterly earnings. today saw a bleak forecast of the likes of which the world has not seen since the 1930 s. the international monetary fund says the global economy is on track this year for the kind of downturn that wrecked economies and lives during the great depression and it has everything to do with the far reaching measures designed to save lives in the corona virus pandemic. amid lockdowns business shutdowns and travel restrictions due to the covert $1000.00 pandemic the outlook is bleak for the global economy the i.m.f. is now forecasting at the kleine of 3 percent this year before the pandemic emerged as a grave threat to public health and economic activity the organization was expecting over 3 percent growth in 2020. the i.m.f. chief economist says the current measures to contain the pandemic make a severe slowdown on avoidable markets but this is a deep recession it is a recession that involves solvency issues it is the president that in wall

wells fargo reported an 89 percent drop in earnings as it satisfied almost 4000000000 dollars to cover potential losses on loans to consumers and small businesses earlier america's biggest bank j.p. morgan chase and i was 69 percent drop in 1st quarter earnings as a boost to its reserves ahead of the booming downturn. for more let's cross to financial correspondent against course in new york yes those figures from 2 of america's biggest banks are pretty dire how have the markets reacted. well clearly all the banking stocks not just for a merger p. morgan and for a move wells fargo didn't trade with the down site in an overall by the way upbeat trading environment clearly those banks they are preparing themselves that we will see a lot of clients being unable to pay back their debt paying back the credits if it comes to credit cards if who comes through mortgages the energy industry or also the retail sector is the only good news from those numbers was actually that trading over old trading bonds trading stocks or at least the chip in morgan chase we saw record revenue over there but clearly banks are preparing that things will get darker before well business overall turns around and the stock

j.p. morgan chase posted their highest low loss provisions in a toade, setting aside money cover defaults across the economy. the wells fargoenior executive vice president to get some insight. provisions taking center stage here. investors looking past first quarter revenues and earnings numbers. clearly, a lot of things have changed since then. what you can show us is the amount of damage the banks could see in the months to come. wells set aside $4 billion. give us some insight into how you came to that number. there is a new accounting rule that requires banks to set aside money earlier in a cycle. how much of that is due to damage you estimate is coming down the pike? >> thank you for having me. when it comes to loan losses, there is a new accounting standard this quarter. of loan estimation, allowancelyzed our under the old gap and under the new cap. ,he difference in this quarter and to get to the heart of your question, you are estimating via assumptions about the path of gdp growth, things like unemployment, commercial real atate valuation, the s&p, variety of things. for the front end loading, what if loss content

j.p. morgan chase, jamie dimon, goldman sachs, citigroup, wells fargo, u.s. bank, morgan stanley, james gorman, grand rapids estate bank, southern bank corp, all great institutions with lots to say and lots of good ideas. if you look at how paycheck has been working out, the numbers are incredible, and i hope congress will be able to supplement the amount of money going to our workers. i hope they are able to get that done very quickly, because it has been an incredible success, and many are already spending that money, and the money's been distributed at numbers nobody believed possible in this short period of time. it was only a week ago, but a lot of money's been disturbed it already. it will keep our small businesses open. the international union of operating engineers, the north american building trades union, a lot of friends of mine. ofternational brotherhood teamsters. electrical contractors association. national association of homebuilders. association of builders and contractors. associated general contractors. richard trumka, afl-cio. the unions,me

quarter wells fargo reporting an 89 percent drop in earnings that as it set aside almost $4000000000.00 to cover potential losses on loans due to the coronavirus pandemic earlier in the day j.p. morgan chase announced a 69 percent drop in quarterly earnings former us president barack obama has endorsed democratic contender joe biden in the race for the white house obama gave his support to his former vice president in an 11 minute video the endorsement comes a day after biden's chief rival bernie sanders also backed the former vice president of. spain is one of a number of european countries that has taken those 1st cautious steps to lifting coronavirus restrictions the nation has recorded the 2nd highest number of coronavirus deaths here in europe so far it's allowing some people to get back to their jobs but only in accordance with strict safety guidelines take a look. volunteers distribute face masks in central barcelona as spain allows some sectors of the economy to reopen. the government hopes the masks can prevent a surge in new infections though opinion is divided on whether restrictions are being relaxed too soon or where we were running out of money our food supplies were running

quarter wells fargo reporting an 89 percent drop in earnings that's as it sets aside almost $4000000000.00 to cover potential losses on loans due to the pandemic earlier today j.p. morgan chase announced a 69 percent drop in quarterly earnings. and former u.s. president barack obama has endorsed democratic contender joe biden in the race for the white house obama gave his support to his former vice president in an 11 minute video the endorsement comes a day after biden's chief rival bernie sanders also backed the former vice president but. will for years colombia has been a haven for venezuelans driven from their country by the economic crisis in violence nearly 2000000 have found refuge there since 2015 but after columbia impose strict social distancing rules thousands of business where he lives are now returning home many works in the informal economy watch their jobs and cannot afford to stay what looks like a family stroll is really the beginning of an odyssey carrying the few possessions they hold dear and some wearing only flip flops on their feet these venezuelans are on their way home. they came to colombia seeking a better life but ever since the coronavirus forced

wells fargo relief released its earnings report for the first quarter. they fell below analyst estimates and banks set aside more money for credit losses and j.p. morgan chase also reported a disappointing earning season. so, that is offsetting some of the optimism about the efforts to reopen the economy. now, speaking of your money, you may have received a deposit from the stimulus package, 80 million americans should have their stimulus checks by tomorrow. funds started going into the accounts this past weekend. the irs is setting up a web portal where people contractor payments. the treasury department says those who do not have direct deposit information on file will start receiving paper checks later this month. >>> the stimulus payments are part of the $2 trillion cares act aimed at helping families and small businesses but rob roth talk to one business owner who broke down in tears talking about how difficult it has been to apply and receive these emergency fu. >> opening this maternity store on sacramento street in san francisco 23 years ago was not easy say the owners. but it was nothing compared to applying for federal relief for small businesses

j.p. morgan chase will kick it off on tuesday along with wells fargo and then wednesday the big rollout of morgan stanley, citigroup, goldman sachs in indications or if you check in on the analyst estimates, they are looking for profit to drop 20% from the top 15 lenders and don't forget banks or proxy to help people view the states of the u.s. economy and with coronavirus it is not looking good. the broader corporate picture according to estimates recorded by rescinded of, we are looking at profits to be down 8% in the first quarter, down 18% in the second quarter and i'll be very confusing the earnings season as well, somehow pulled their earnings, some delay it and you might get some numbers from some of these companies, i think it's a guidance forward and how they see things play out the rest of this year that will be very important. ashley: and it would be brave for those that put guidance out and a lot of companies have already pulled it. very interesting stuff. thank you. loren come in, you've an update from american airlines. lauren: i do, they are saying that 4800 pilots have agre