Don Kenobi
/ 83.5.222.* / 2009-05-22 11:39
The five biggest card issuers, New York-based Citigroup Inc., JPMorgan Chase & Co. and American Express Co., Charlotte, North Carolina-based Bank of America Corp., and Capital One, could have $72.3 billion in credit-card losses, according to the U.S. stress tests completed this month to determine whether the banks would require additional capital to withstand further deterioration of the economy.
Those losses would wipe out their collective $49 billion in net income from credit-card operations for the four years since 2005, based on data compiled by Bloomberg.
“They made money on late payments, but now that so many borrowers have crossed the line and defaulted, that model collapses pretty quickly,”.
Kończą się wysokie zarobki na kartach kredytowych.