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Credit card losses set to climb industrywide - JPMorgan's Smith

Reuters 

By Dan Freed(Reuters) - U.S. credit card losses are likely to rise at JPMorgan Chase & Co and across the industry, Gordon Smith, head of the bank's consumer businesses, said at a conference on Tuesday.Smith said the largest U.S. bank is being "surgical" in determining where to tighten credit standards but he added that lenders industrywide ought to be leaning towards stricter credit card lending standards rather than looser ones.JPMorgan's earnings have shown rising sales volumes as well as weakening credit trends in its credit card business, consistent with other lenders. A recent investor ...

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First Published: Wed, June 14 2017. 05:31 IST
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