Chris Whalen on the Banking Crisis
My boy Chris Whalen, managing director at Institutional Risk Analytics, on the banking crisis:
Source:
Bailout Nation: More Govt. Control of JPMorgan, Citi, BofA Coming
Aaron Task
Yahoo Tech Ticker, Oct 20, 2008 11:32am EDT
http://finance.yahoo.com/tech-ticker/article/98280/Bailout-Nation-More-Govt.-Control-of-JPMorgan-Citi-BofA-Coming
Monday, October 20, 2008 | 04:00 PM | Permalink
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axp reporting now. some snippets...
"Our business model is well positioned to generate earnings and excess capital even in an economic environment that is likely to be among the weakest in many years. We believe we have the capital strength, funding resources and comprehensive liquidity plans to manage successfully through difficult market conditions.
"We remain confident in our ability to emerge from the downturn in a stronger competitive position and continue to see growth opportunities in the payments sector. For now, though, we plan to be very selective with our investment dollars, balancing near term performance with longer term profitability."
On a managed basis(1) the net loan write-off rate was 5.9%, up from 5.3% in the second quarter and 3.0% a year ago. Owned net write-offs were 6.1% in the quarter, up from 5.8% in the second quarter and 3.0% a year ago.
International Card Services reported third-quarter net income of $67 million, down 52 percent from $140 million a year ago.
Posted by: karen | Oct 20, 2008 4:18:15 PM
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