Posted AT 10:02 AM EST on 07/11/08
JPMorgan warns consumer loan losses may rise
NEW YORK — JPMorgan Chase & Co. said on Friday it expects consumer loan defaults to increase in the current quarter and sees higher loan loss provisions.
The bank has more than $395-billion (U.S.) in consumer loans, with the largest chunk in home equity. Mortgages, credit cards and auto loans are also in the portfolio, according to a filing with regulators on Friday.
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