According to a Reuters story concerning J.P. Morgan, the No. 3 U.S. bank expects credit card losses to grow by “several hundred million dollars” in the third quarter. The quote comes from J.P. Morgan?s chief executive, Jamie Dimon.
Dimon believes that increased credit card loan losses are inevitable considering the current consumer credit situation at the moment.
“The whole company, wholesale and consumer, is performing very well,” Dimon said, elaborating on comments in the company’s earnings release. “We’re simply acknowledging that there will be another side to that mountain.”
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