JP Morgan expects to further build reserves related to potential energy losses in the first quarter as the prolonged decline in oil prices continues to hit US banks.

Shares of big banks fell on February 23 amid a broadly lower market after the largest US bank by assets said it plans to add about $500 million to reserves for oil and gas and an additional $100 million related to metals and mining in the first quarter, according to a February 23 presentation for investors that the bank hosts annually.