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- By michael@cvcteam.com
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U.S. Bancorp on Tuesday said it carved out nearly $1 billion in reserves for the first quarter — more than twice the usual amount — to cover potential defaults from the economic shock brought on the COVID-19 pandemic.
The move by the Minneapolis-based bank — following similar steps yesterday by financial institutions like JPMorgan Chase and Wells Fargo & Co., dealt a blow to its bottom line. U.S. Bank (NYSE: USB) posted net income of $1.17 billion,