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Big Banks Set Aside Billions as They Brace for a Downturn


America’s biggest banks issued warnings on Friday of economic malaise on the horizon, even as some reported better-than-expected profits.JPMorgan Chase, the nation’s largest bank, raised the risk of a “mild recession” to arrive later this year. Jamie Dimon, the bank’s chief executive who is normally one of the more gregarious Wall Street figureheads, repeatedly demurred from hard-and-fast predictions on a call with reporters.“We don’t know the future,” he said. “There are all these geopolitical uncertainties which are real, and we have our eyes focused on it. They may go away or they may not.”Brian Moynihan, Bank of America’s chief executive, also mentioned a “mild recession” as a prospect the bank is planning for. Wells Fargo is preparing fo …

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