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Jamie Dimon, chief executive of JP Morgan Chase, said that the bank holds a credit card portfolio of $150 billion. He estimates that credit card losses could reach 9% or $13.5 billion in the third quarter, and up to 10.5% by the end of the year.
Particularly disturbing are the losses that JP Morgan Chase & Company (NYSE: JPM) acquired when it purchased WaMu. Mr. Dimon went on to say that if unemployment rises to 10%, losses on the WaMu portfolio could reach a whopping 24% of the $25.9 billion portfolio. This would amount to a loss of $6.21 billion.
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