Reported 17 days ago
JPMorgan Chase CEO Jamie Dimon acknowledged the bank's significant $170 million loss linked to the bankruptcy of subprime auto lender Tricolor Holdings, stating it's 'not our finest moment.' He emphasized the importance of scrutiny in light of such events and warned investors about potential underlying issues. While the loss had minimal effect on JPMorgan's profitability, it raises concerns about the overall credit health of commercial customers, as seen through increased charge-offs and the pending fallout from other bankruptcies in the sector.
Source: YAHOO