JPMorgan's Dimon says credit card losses could climb substantially

05/28/2009 | Financial Times (free content)

JPMorgan Chase CEO Jamie Dimon said loss rates on Washington Mutual's credit card loans could reach as high as 24% this year. JPMorgan deemed more than 12.6% of WaMu's credit card loans uncollectable at the end of the first quarter. Dimon said loss rates for Chase credit cards, a larger portfolio for the company, could exceed 10% by the end of 2009.

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