J.P. Morgan Chase sees credit-card losses near 9%
May 29, 2009
By MoneyAisle
According to a MarketWatch report, J.P. Morgan’s CEO said that he “expects the firm’s credit-card losses, excluding business acquired from Washington Mutual, to be about 9% in the next quarter and that the banking giant would be ‘lucky’ to be able to boost its dividend by the end of the year.”
Additionally, credit-card losses from recently-acquired Washington Mutual are expected to total between 18% and 24% by the end of the year.