Earnings plunged at JPMorgan Chase and Wells Fargo Tuesday as both US banking giants set aside billions of dollars to cover loans vulnerable to the economic devastation from coronavirus shutdowns.

JPMorgan booked nearly $8.3 billion, including a build of $6.8 billion in the first quarter, to prepare for what Chief Executive Jamie Dimon called the "likelihood of a fairly severe recession."

Wells Fargo announced a reserve build of $3.3 billion and also pointed to an impairment of securities of nearly $1 billion due to market turmoil in the wake of the coronavirus crisis.

Those figures led to staggering drops in first-quarter profits at both banks, underscoring the economic blow in the wake of efforts to counter the deadly virus.

JPMorgan, the biggest US bank by assets, reported profits of $2.9 billion for the quarter ending March 31, down 69 percent from the year-ago period. Revenue dipped three percent to $28.3 billion.

The bank said in a press release that the reserve build reflects "deterioration in the macro-environment as a result of the impact of COVID-19 and continued pressure on oil prices."

The provisions included $4.4 billion, primarily in its credit card business, and $2.4 billion across businesses, with the biggest amounts in oil and gas, real estate and retail.

The bank saw a big uptick in corporate clients accessing their lending facilities amid worries over liquidity. Piepszak said there has been a "pause" in this dynamic of late, but added that it could again see another surge.

Piepszak said the bank, which suspended share repurchases, still expects to maintain its dividend to shareholders, but added that the decision could be revisited if the economic outlook deteriorates further under a scenario where the US economy is closed for a longer period of time.

Wells Fargo, meanwhile, reported first-quarter profits of $653 million, down 89 percent from the year-ago period.

Revenues fell 18.2 percent to $5.8 billion.

Wells Fargo also saw a jump in commercial loans during the period, while also reporting an increase in nonperforming assets, citing in particular weakness in commercial real estate and commercial and industrial companies.