Today in the United States began quarterly reporting season, which was expected with particular interest. Companies have started to announce the results of its operations for the second quarter, which in the USA peaked quarantine measures, slowing economic activity and rising unemployment. Leading U.S. banks have already reported a sharp decline in profits and the allocation of billions of dollars of reserves to cover credit losses. Now market participants and analysts are waiting for, how severe are the consequences of a pandemic on other sectors and, as a consequence, the economy as a whole.One of the first season of corporate reporting for the second quarter was opened by the leading U.S. banks, which was the centre of attention. The slowdown in economic activity and rising unemployment usually causes a rise in defaults on loans, which in turn can lead to large losses in banks. In 2007-2008, large-scale losses that the American financial Corporation suffered because of rising defaults on mortgages led to the financial crisis in the United States, and then throughout the world. In the end, the consequences quarantine was for the first reporting banks heavy, but not yet catastrophic. JP Morgan Chase announced the allocation of $10.5 billion of reserves to cover credit losses, but the Bank managed to remain in profit, which declined by half — from $9.6 billion in the second quarter last year to $4.7 billion in the second quarter of this year. The positive aspect was the growth of revenue by 15%, to $33.8 billion in the reaction of the stock market was mixed: the first quotes JP Morgan gained 4%, but then fell almost to the level of the previous day’s close. For another leading U.S. Bank, Wells Fargo, the second quarter was much more severe — for the first time since the great depression, the Bank announced a quarterly loss. It was $2.4 billion, largely due to the allocation of $8.4 billion to cover losses on loans. The Bank also had to significantly reduce the amount of payment of dividends in the third quarter to $0.1 per share compared to $0.51 per share in the previous quarter. The stock market reacted to negative statements Wells Fargo the reduction of quotations on 4,7%. Dropped after the publication of quarterly reports and quotes Citigroup, although not as much — by 2.7%. The Bank reported that its net profit fell 73%, to $1.3 billion, revenue of retail banking decreased by 10% and credit costs increased in several times — from $2.1 billion in the second quarter last year to $7.9 billion in the second quarter of this year. However, the positive point in reporting Citi was that it reported quarterly revenue of $19.8 billion, which is not much, but surpassed analysts ‘expectations ($19.1 billion), and surpassed analysts’ forecasts the revenue for trading operas��tions, operations with currency and bonds. Experts say that is largely thanks to the huge aid packages to the economy from the U.S. government on the results of the second quarter banks and other companies may have avoided the worst. “Now the main question for investors is whether the second quarter the low point for banks,”— said in a live CNBC Barclays analyst Jason Goldberg. In turn, the head of JP Morgan Jamie Dimon during the presentation noted that “despite some positive macroeconomic indicators and decisive action of the government, the situation in our economy in the near future is still very uncertain”.Eugene Tail