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Consumer credit casts cloud over JPMorgan and Citi

Reuters  |  NEW YORK 

By David Henry and Sweta SinghNEW YORK (Reuters) - JPMorgan Chase & Co and Citigroup Inc on Thursday said they had set aside more money for credit card lending losses in the third quarter, stoking concerns about consumer indebtedness and overshadowing profits that topped analyst estimates.Wall Street has ramped up credit card lending amid a slump in bond trading, once a growth engine for many banks, but the higher provisions for bad debts fuelled worries about the future profitability of an already costly business and sent shares in both banks lower.Provisions for credit losses across ...

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First Published: Fri, October 13 2017. 01:19 IST
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