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Financials

JPMorgan will add to energy loan loss reserves, CEO says

NEW YORK, June 2 (Reuters) - JPMorgan Chase & Co will book additional expenses in the second quarter to increase its reserves against losses on oil and gas loans, Chief Executive Jamie Dimon said on Thursday.

Dimon, speaking at an investor conference about a wide range of topics, did not say how much the additional provisions would be, but added that he would not consider the amount to be “material.”

The additions will be made in part because of slipping in the creditworthiness of a few large borrowers, Dimon said, adding that regulators have pushed for more conservative loss reserves. (Reporting by David Henry in New York)

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