Breakingviews - Banks dress up for a business-casual recession

all warned of a weakening economy on Friday. Nonetheless the lenders are pretty optimistic that both they and their borrowers can easily weather a bigger downturn.

The recession they all foresee, though, sounds pretty casual. Consider credit cards, one of the riskiest and most lucrative kinds of debt. Citigroup chief Jane Fraser sees a rise in delinquencies, but only to a “normal” level. Bank of America is writing off 1.7% of its card loans, on an annualized basis, compared with an average of 2.7% since 2013. JPMorgan says the rate at which customers become delinquent is 80% of what it was before the pandemic.

JPMorgan said it made $3.57 of earnings per share, a 7% increase on the fourth quarter of 2021. Bank of America reported $0.85 of earnings per share, a 4% annual increase.

Say whaaaat?😆

Making ordinary people pay for their disaster decisions is getting casual...

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JPMorgan, Wells Fargo and Bank of America beat earnings expectations, but worries about 'headwinds' remainU.S.'s largest banks by market cap top their profit targets its earnings target but CEO Jamie Dimon warns of uncertain economic times ahead They’re gonna keep warning of headwinds until they can buy as much stock at low prices as possible, even if there aren’t actual headwinds. All manipulation. market will rise 20% 2023 👍✌🏻
Source: MarketWatch - 🏆 3. / 97 Read more »