⁍ JPMorgan Chase & Co executives are cautiously optimistic that the coronavirus pandemic will not send the economy into the worst possible tailspin.

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⁍ Their comments came on Tuesday after JPMorgan reported much stronger-than-expected results for the third quarter.

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⁍ Executives were careful not to offer too sunny an outlook, especially because Congress has failed to pass another stimulus bill.

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– JPMorgan Chase & Co executives are cautiously optimistic that the coronavirus pandemic will not send the economy into the worst possible tailspin, and feel confident enough in the bank’s financial position to start buying back shares again soon if regulators allow. Their comments came on Tuesday after JPMorgan reported much stronger-than-expected results for the third quarter, beating profit estimates and setting aside relatively little money for loan losses, per Reuters. Only one of its four major units—consumer banking—saw revenue and profits decline, and even those customers are holding up relatively well, Chief Financial Officer Jennifer Piepszak said. Other businesses, including trading, investment banking, commercial lending, and wealth management, posted gains. Although JPMorgan expects loan losses to escalate, and added another $611 million to its loan loss reserves, that figure is tiny compared to the previous quarter and smaller than what many analysts had expected. JPMorgan has the financial wherewithal to handle those losses and start buying back shares again if regulators will allow it, Chief Executive Jamie Dimon said. The Federal Reserve has ordered big banks to halt buyback programs and limit dividends through year-end. “We’ll be patient, but we have tremendous amount of wherewithal to do both when the time comes,” he said. “And I hope we’re allowed to do it before the stock is much higher.”