The fourth-largest U.S. lender also reported an impairment of securities of $950 million due to the economic and market conditions. Earlier on Tuesday, JPMorgan Chase & Co. (NYSE: JPM ) reported a 69% slump in first-quarter profit as the coronavirus pandemic forced the largest U.S. bank to boost reserves. The surge in loan demand from cash-strapped companies looking to weather the coronavirus crisis has put pressure on Wells Fargo's balance sheet, which has been restricted by regulators following the 2016 sales practices scandal. At the end of the quarter, the bank's total assets were $1.98 trillion, above the level allowed by the Federal Reserve's consent order, but the bank is managing its average asset level so that it remains in compliance. Wells Fargo's revenue tumbled 18% to $17.7 billion in the quarter ended March 31, as the U.S. banking sector grapples with what is expected to be the worst recession in generations.