Systemic US banks released $9.4bn of credit reserves in Q1
JP Morgan reversed $4.2 billion of provisions alone
US global systemically important banks (G-Sibs) injected $9.4 billion of credit reserves into income in Q1 2021, helping boost profits and going some way to depleting the $64.7 billion pile of earnings set aside last year to cover expected losses due to the coronavirus crisis.
JP Morgan and Citi reversed $4.2 billion and $2.1 billion in provisions, respectively, after setting aside the most of the systemic banks, $17.5 billion each, in 2020. Citi’s Q1 2021 profits were $7.9 billion and JP
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