JPMorgan Chase & Co. Chief Executive Jamie Dimon on Friday said the U.S. economy was basically doing OK, even if customers were spending “a little more slowly.”
For evidence, look no further than JPMorgan’s JPM own quarterly results. The bank’s second-quarter profit blew past expectations, but it set aside $2.9 billion during the second quarter to cover potentially bad loans, amid concerns that more consumers could run into more difficulty paying their bills on time as higher prices manage to stick at stores.
When Bank of America BAC reports this week, the results will narrow the lens on lending and spending in the U.S. Results from Morgan Stanley MS and Goldman Sachs GS will fill in the gaps on trading and deal-making. American Express AXP will give a more detailed breakdown of what consumers are still spending their money on, after Delta Air Lines Inc. DAL — which has a partnership with AmEx — said that travel demand remained “robust.
However, he noted difficulties in JPMorgan’s investment banking segment. And he said consumer savings were slowly eroding as inflation endures.
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