JP Morgan Chase Holds 2009 Investor Day Today
JP Morgan Chase is holding an Investor Day series of presentations today. The presentation slides are available online - including a presentation about Chase Card Services by Gordon Smith, Card Services CEO.
Among other things, Smith notes that home price depreciation was the biggest driver of credit losses in their credit card portfolio until mid-2008 when unemployment became a meaningful factor. He predicts that unemployment will be the primary driver of credit losses in 2009.
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