JPMorgan says link between loan losses and charge offs is broken - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 51%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

JPMorgan says a key gauge used to manage its business is broken, and explains why it's still in the 'easy months' when it comes to billions in loan losses piling up

JPMorgan set aside nearly $9 billion in the second quarter to cover future loan losses even though those losses haven't shown many signs of appearing.

JPMorgan, the biggest US bank by assets, said companywide charge-offs climbed just 7% to $1.6 billion. "Given where we are in this crisis, the relationship between the business cycle and the health of the business sector and the health of the household sector is broken," she said. "We really haven't started to see what you would typically see in the middle of a recession like this because of the amount of stimulus and support that is out there.

Even so, the lack of details and mounting evidence that the US may have lost control of the pandemic led to some tense moments on the call as analysts sought different ways to get JPMorgan's executives to provide some sort of certainty around how they think the next few months and years will play out.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Some borrowers in federal student loan forbearance can't get mortgages - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

G2 applied for PPP loan after building $1 million staircase - Business InsiderG2, a software startup that raised $100 million, spent lavishly on things like a $1 million office staircase. Then it had layoffs and filed for a PPP loan. It shows the challenge of giving startups a coronavirus bailout. Online music school start up is running in the black (profit) in these hard COVID times Music in the living rooms makes families happy ! How are these stories not leading to a change in Founder/Unicorn mindset? Here's a 2 min read... Do you dream of Unicorns or Cockroaches, Zebras and Camels! business startups
Source: BusinessInsider - 🏆 729. / 51 Read more »