JPMorgan, Wells Fargo, Bank of America, Citigroup and Goldman Sachs put a combined $19bn into their war chest to cover losses from Covid-19 — on everything from mortgages through car loans to credit cards.

The resulting dent in profits was massive. Even the best performer of those five, Bank of America, posted an income slump of 43% in the first quarter. Their results, released on 14 and 15 April, showed the pain the crisis is already causing banks, as the economy braces for what JPMorgan chair and chief executive Jamie Dimon described as a “severe recession”.