Reported about 7 hours ago
JP Morgan CEO Jamie Dimon has issued a warning regarding the state of corporate lending in light of recent auto-industry bankruptcies, particularly one involving a significant investment by the bank. After incurring a $170 million loss due to loans to a subprime lender impacted by these bankruptcies, Dimon expressed concerns that this may signal deeper industry issues and that other companies could also be at risk. He suggested that lax lending standards over the past years might lead to greater financial troubles if economic conditions worsen.
Source: YAHOO