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Dimon: "We expect to continue to be challenged by high default-related expenses." Regulatory...

Dimon: "We expect to continue to be challenged by high default-related expenses." Regulatory guidance (pg. 8 of the presentation) is forcing higher charge-offs - $825M, or $0.14/share in Q3 - on certain mortgage loans. Wells Fargo (WFC) reported an additional $567M in charge-offs due to this. Keep an eye on BAC and C reports. JPM -0.7% premarket.
Comments (1)
  • So two large banks report earnings that (blended) are about what was expected, reserve releases about what was expected, with projections about what was expected, and with the NIM down on WFC (but still better than most). Market spiked after JPM, fell after WFC, and now both are down along with all the other banks. Overreaction?
    12 Oct 2012, 03:41 PM Reply Like
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