JPMorgan announces a relief package for its Coronavirus hit U.S customers

The
global financial institutions are working committedly to make things easier for
customers that have been hit hard by the Coronavirus pandemic. In recent news, chief
executive officer Jamie Dimon of JPMorgan Chase & Co. (NYSE:JPM) announced
on Monday that the American multinational investment bank plans on offering
benefits to its customers who are currently facing extreme financial challenges
due to the ongoing health emergency.

As
per the announcement, the financial services institute plans on implementing
measures like late fees waivers and an expanded grace period of 90 days to make
the payments for auto loans or mortgage.

Dimon
Says JPMorgan’s Call Centers Are Struggling

The
largest bank in the United States is currently confronted with massive
challenges amidst the pandemic, according to Dimon’s annual letter to JPMorgan’s
shareholders. The CEO also said in the letter that the investment bank’s call
centers are finding it increasingly difficult to survive amidst the ongoing
crisis as government resorts to lockdown and restricts operations to minimize the
fast-spread of the flu-like virus.

According
to Dimon:

“We
are working closely with all levels of government during this crisis and while
we will participate in government programs to address the severe economic
challenges, we will not request any regulatory relief from ourselves.”

The
Coronavirus has so far infected more than 336,000 people in the U.S with the
death toll quickly reaching 10,000. Reports of confirmed cases in the U.S
started rising in March and the country reported the highest number of infected
towards the end of the month.

JPMorgan
Previously Closed 20% Of Its Branches In The U.S

To
contribute to minimizing the risk of the fast-transmitting virus and to protect
its employees and customers alike against the health hazard, JPMorgan
Chase had previously announced a shutdown at 20% of its branches in the U.S
in the third week of March. The bank had also highlighted that it is complying
with the safety guidelines and have reduced the working hours at the rest of
its countrywide branches.

The
impact of the deadly virus on the investment bank’s financial stature is
evident in its stock performance in the first three months of 2020. At £68.38
per share, JPMorgan is currently trading around 40% down year to date in the
stock market. The stock had welcomed the new year with an all-time high of £114.85
per share.

JPMorgan
currently boasts a market cap of £210.32 and a price to earnings ratio of 7.84.