JPMorgan Chase

The CEO says he is getting stronger and working remotely; if the lockdown lasts several months, the GSEs may need a bailout, FHFA head Mark Calabria says.

The worsening economy brought on by the coronavirus pandemic has big banks rethinking who they will lend to.

The change — effective immediately — will reduce capital demands by about 2% overall, the Fed estimated, and will be open for a 45-day comment period.

From helping hospitals purchase new testing kits and ventilators to backing efforts to develop a COVID-19 vaccine, banks large and small are pledging millions of dollars to assist with medical relief efforts.

JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp, along with 200 state-chartered banks and credit unions, have agreed to let borrowers skip payments for 90 days if their finances have been upended by the pandemic.

Citi is beefing up leadership in its consumer card lending operations by recruiting Chase exec Pam Habner — credited with engineering the success of Chase’s Sapphire Reserve card — and former Citi exec Chris Fred, who will return after several months of working at Goldman Sachs on Apple Card products.

The bank has asked managers review job postings and pull listings for roles that don’t need to be filled immediately, according to people familiar with the matter.

Banks cutting back on branch services — or closing stores outright — to slow spread of coronavirus; Trump administration to halt foreclosures as pandemic worsens; Wells Fargo hires TD's Ellen Patterson as general counsel; and more from this week's most-read stories.

From paying $1,000 bonuses to branch employees to subsidizing child care expenses, banks are offering a slew of new perks for front-line employees still working and more paid leave for those who are ill or caring for sick family members.

JPMorgan Chase plans to make special payments to lower-paid employees and branch workers who don't have the ability to do their jobs from home.