© Reuters. JPMorgan and Citi brush off credit concerns
- The rise in credit card losses is “reversion to the mean,” says Citigroup (C -0.7%) CFO John Gerspach on the earnings call. Nothing he sees suggest a meaningful turn for the worse in consumer credit.
- Speaking on JPMorgan’s (JPM -0.3%) earnings call, CFO Marianne Lake says much the same thing even as it too reported a big jump in card loss provisions.
- Nevertheless, credit card players are among the weaker performers today, with Capital One (NYSE:COF), Synchrony Financial (NYSE:SYF) and Alliance Data all down by more than 1%. Discover (NYSE:DFS) is lower by 0.75%. American Express (NYSE:AXP) is ahead 0.2%.
- Previously: Citigroup flat after topping estimates (Oct. 12)
- Previously: JPMorgan flat after earnings topper (Oct. 12)
- Now read: Citigroup: Good Results, But Stock Out Of Breath