A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. — Reuters pic
“The consumers’ incomes are up, savings are up and home prices up,” said JPMorgan Chase & Co CEO Jamie Dimon said on a call with journalists. “The recessionary part” will come later, he said. The unprecedented government aid programmes have created a disconnect between the financial markets and the economy, such that financial conditions look sunny, but could turn upside down quickly if the temporary assistance expires.
To prevent its spread, governments across the world have imposed varying degrees of lockdowns, causing widespread business closures, layoffs and retractions in spending. The biggest lending concerns center on credit cards, which tend to be riskier and, unlike mortgages or auto loans, do not have any collateral for a bank to recoup if a borrower defaults.
Wall Street businesses did well, however. JPMorgan’s bond-trading business reported a 99 per cent increase in revenue, while Citigroup’s rose 68 per cent.
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