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Consumer credit woes hit JPMorgan earnings


Consumer credit woes hit JPMorgan earnings


Quarterly earnings from JPMorgan Chase have dashed hopes that consumer credit in the US is on the mend.

It reported deep losses on mortgage and credit card loans in the fourth quarter.

JPMorgan is the first of the major US banks to report its earning for the final three months of last year.

It is also considered to be one of the better managed and better capitalised financial institutions in the US and the figures do not bode well for its competitors.

Quarterly profit at the second biggest US bank soared to the equivalent of 2.3 billion euros but Chief Executive Jamie Dimon said: “We don’t know when the recovery is.”

JPMorgan’s shares fell, as did those of its major rivals Citigroup and Bank of America which are due to report their quarterly results this week.

Both banks have large consumer exposure.

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