JPMorgan’s credit costs reach $1.1bn

Bloomberg

JPMorgan Chase & Co reported credit costs of $1.1 billion, with Chief Executive Officer Jamie Dimon describing mounting economic uncertainty even as he emphasized the bank is prepared for “whatever happens.”
The $1.1 billion in provisions for credit losses included a $428 million build in reserves for loans that go sour and $657 million in net charge-offs, the company said in a statement. The bank cited loan growth and “a modest deterioration in the economic outlook” as key drivers behind the spending.
Dimon, who told investors to brace for an economic “hurricane” last month, said in the statement that the US economy continues to grow with consumers still strong. But risk factors including geopolitical tensions, waning consumer confidence and uncertainty around the impact of shifts in monetary policy are “very likely to have negative consequences on the global economy sometime down the road.”
“We are prepared for whatever happens and will continue to serve clients even in the toughest of times,” Dimon said.