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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Source: MarketWatch - 🏆 3. / 97 Read more »