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OP has provided the following link:
https://dailyhodl.com/2024/04/27/jpmorgan-chase-and-bank-of-america-suffer-4500000000-in-losses-as-unrecoverable-debt-soars-report/
The thing is 3.9T in assets(other people’s money) is very different at the end of the day than 4B in profit/your own money. Comparing it to AUM is disingenuous
Article says they had $49.6 billion in profit last year, so roughly 9% of that figure. Although, it's not as simple as a 9% haircut on their profit. Banks don't like seeing their profit margins squeezed, so as credit card defaults rise, you can expect they'll increase interest rates (there or elsewhere) to compensate.
Credit card interest rates already average close to 25%, which is historically very high. Rates were more like 12% to 14% a couple decades ago.
I don't even know what mine are, because I never carry a balance. Banks hate me. Sucks for most people, though:
[https://www.lendingtree.com/credit-cards/average-credit-card-interest-rate-in-america/](https://www.lendingtree.com/credit-cards/average-credit-card-interest-rate-in-america/)
My credit score has a massive jump during the few years I was keeping some debt and letting interest add up. Then when I get my shit together and catch up on all my debt my score fucking drops
That's because they want you in debt, they want you paying interest for your entire life. You being in debt keeps them in caviar.
Pulling out of the debt system and living debt free was the single greatest decision I ever made.
I don't carry a balance - pay statement every month, but I noted that when I have a big run up on my card my credit score jumps 20-30 points and credit karma tells me I'm awesome, then it's paid and my score reverts and credit karma tells me I fucked up. Ha
I get the opposite. I get a notification my credit has dropped for high utilization, even when I pay it off every month. And it's a big hit as well, like 20 or 30. I've not once carried debt or paid interest and I hover between 780 and 750 credit score.
Are you sure that what is dropping your credit is not the agencies catching up with that high utilization from the previous month?
You don’t have enough credit then. If you have 200k in cards, and you run up 20k, your utilization isn’t going to take a hit like if you’ve got 40k available and you run up 20k before paying it off.
You outlined it correct. I'm floating in 810 to 840 a month. The only hit in my credit is they want me to open *more* accounts. Probably to increase my odds of carrying a balance.
Yes, because it sits in the low 800s for months with a few grand in usage and spikes when tens of thousands are racked in a few weeks. After payoff it drops again.
I'm referred to as a deadbeat and they punish you accordingly.
https://www.investopedia.com/terms/d/deadbeat.asp
This is me, haven't carried a balance in almost 20 years!
You're probably familiar with it already but if not look into **churning**, (fyi there's a sub for it but I think if i link to it from here I'll get in trouble for some stupid brigading reason) so just search.
Basic idea for those not in the know is you constantly have 3-4 credit cards that you milk the rewards from and then cancel after you get the benefits. If you checkout nerdwallet they have all the best offers available at any given time so just do it based on what you want...planning a trip? do some skymiles cards, need to finance a big purchase for a year or two? Get a 0% interest card (usually at least 12 months, but often 18 months - just make sure you can pay it off with monthly installments, its an interest free loan!). Or just want to get cashback from the banks? Get a cash back card...most will have a period during which you hafta spend a certain amount (ie. earn $300 when you spend $3000 in first 3 months). So for those you put away your debit card and any other credit cards and throw everything on this new one to get the reward.
My spouse and I have been doing this for a decade now, we make about 3k a year off it! Because FUCK the banks that's why
to da moon 🚀🚀🚀
Similar concept for me. I use my credit card for everything so all my purchases are on that statement and I just have that one bill each month for all of it. Keeps my checking account statement uncluttered.
Actually, it's not. I never said that banks don't make any money at all via my credit card use, which is what you're inferring. They hate people like me because it's far, far, far more lucrative for them when people carry as high of a balance as possible -- as long as they don't default.
I got very sick during covid (not covid related) and was essentially unable to work. I had to put a lot of expenses on credit cards, and they switched my interest rates to 29.96%. I have been paying $500+ a month on credit cards and only lowering my balance by like $30.
I went from $0 in credit card debt and a 750 credit score to $15,000 in debt and a 520 credit score. I tried to refinance the cards with a loan, but I was denied everywhere because I was paying so much in credit debt. They didn't care that the loan would take the place of the credit card payments and that my $650 rent was way too much.
Now, my best option is to stop paying on everything and just wait for them to make me an offer at a lower price. The whole system is fucking rigged. If they hadn't raised my rates so high, they would have made more money faster, and I wouldn't have a fucked credit score.
If you're in the States, consider: [https://www.nfcc.org/](https://www.nfcc.org/)
If you're in Canada, consider: [https://nomoredebts.org/](https://nomoredebts.org/)
If you don't belong to a credit union, check them out. They're more likely to offer a consolidation loan to eliminate the credit card debt, (than banks or finance companies would).
Im in New Zealand. Price of everything in the Uk is mad now. Last time i went back i was blew away at fhe price of pints, and rent. I can't believe the cost of living is better here now, and dont even get me started on insurance.
Are you fucking kidding? My grandpa said thered be a nickel squeeze like 15 years ago and gave me a huge box of nickels that i eventually took to the bank cuz i thought he was crazy..
You can order them by the box at the bank. Just call ahead and they'll order it for you. Just don't dump it back at the same location you got it from. They may not make orders for you.
I pick up coins at my banks and dump at my credit union. Credit unions have coin machines for use like constar near me just walk in and do it yourself
Also assets are generally considered illiquid.. like yeah I have a house, doesn't mean I can have equivalent cash tomorrow if shit hit the fan.
Further, they may define 'having assets' as literally just something they're financing.. which to me is more so illiquid. So sure they might have 3T 'assets' but if it's dependent on other people paying mortgages do they really have it?
..we all know the circle of life with money and leveraging shit left and right so it depends on how risky vs actually owning shit.. the same way the normies or even small investors (like a slumlord) can get caught in a shit storm.
But banks are too big to fail so fuck you tax payers
Probably an uptick, but for a bank that big with the total value of the loans in its portfolio, I doubt it’s putting in much of a dent.
I worked at one of the larger banks that’s still a fraction of the size of JPM/Chase when comparing total assets. The loans that just our team accumulated for our bank’s portfolio, for a specific asset type and from a specific originator, were in total almost the size of this loss.
I imagine what we had is a drop in the bucket to what JP Morgan has in its portfolio’s loans and debt. The loss increase is numerically significant enough to notice but not about take out Chase.
If anything, this number is good for clickbait without context or to provide insight to Chase’s analysts about where there might be some turbulence in the economy right now.
no, they are called pavement fodder because that's the path most of them take after losing like this. I don't wish harm on anybody or wish poorly on someone, but that's how they approach life. Money or nothing.
It's already been planned for a long time, it's called "bail in" where they seize deposits and give back a fraction of the value . This will happen on a global scale when bank failures become endemic
You mean you defaulted on credit card debt? I commend you for still holding your shares this long, then, assuming that's the case, but dude, that sucks to be backed into a corner like that.
You mean the $4.5B that doesn't exist because it's "collateral" on other bad debt? Oh this is going to be fascinating once it finally starts to truly unwind...
Ken griffin in 2008 used our entire economy & pension funds into an algorithm that started feeding him billions and billions a year. You can only fake the system so long.
He's building a $4Billion bunker in Florida. He's the biggest financial terrorist this country has ever seen.
Citadel increased NVDA position +4000% Q1 2023
Q2 2023 PREMARKET shares jumped +43% on less than 10,000 shares traded. From Q1 2023 > Q12024 citadel has made $1.6 Billion in shares alone, not including options. It's a scam for wealthy to steal from the poor. He bribes next 100 people in charge and all involved live a life of luxury, travel as they oppress the 99% & blame them.
Look it up. This is 999 million 3 1/2 times over.
He can build and purchase anything he wants. Hurricanes are nothing to our military nuclear fallout bunkers I don't believe?
He'll no the rise sea levels will put the entirety of the state including Tallahassee underwater by 2080. Unless he plans on using a submarine to get in and put of it he's a fucking idiot 🙄 but hey we all know about the wealthys track record with submarines.
> Citadel increased NVDA position +4000% Q1 2023
yeah, my tinfoil....
You know how we have things like the microwave oven due to military research. Well...we don't talk about how/why that tech was moved from top secret to public. If I were a betting man, I'd say that ai language models are not new. That the NSA has been using them for quite some time to process all the massive hoards of data they collect. And that language models have been "moved" to the civil side now for a reason.
And yeah. Apes very well may be that "reason".
ken griffin is a financial criminal, some may say a financial terrorist. i dont understand why MSM still glorifying him.
anyway, i have submitted complaints to FBI, DOJ about ken griffin manipulating the prices of securities. in this video , he was even bragging about manipulating securities' prices.
[https://www.reddit.com/r/Superstonk/comments/18fmara/i\_submitted\_a\_complaint\_to\_fbi\_doj\_about/](https://www.reddit.com/r/Superstonk/comments/18fmara/i_submitted_a_complaint_to_fbi_doj_about/)
It's kind of impressive how the banks manage to lose money. The only thing they need to do is lend out money and manage transactions, but they always end up doing some risky/illegal bet while trying to rip off their own customers, only to have said bet blow up in their own face once a decade.
*BofA says those losses stem mainly from credit card debt that will likely never be paid.*
So they loan money/issue CCs to anyone with a pulse because they *love* that sweet 29.99% interest but then get butt hurt when they don’t get paid back.
I’ll be right back. Have to go find my tiny violin. 🎻
Very much what happens when you pay people low wages then pressure them into buying high end consumer goods on massive amounts of credit. We had the housing bubble burst but it was just the most readily identifiable debt bubble, it wasn't the only one.
Imagine you short a stock and manipulate the price down, now if you cant Cover your naked shorts, its becoming a problem, on paper you got profits but realizing it is not resulting in the billions you had is the problem (for them) in this case
Commercial Real Estate is crumbling and most of those buildings value has plummeted. I moved my career from Commercial to multifamily real estate during the pandemic when I watched multiple high rise buildings empty out.
That's what I said, but it's a simple, well-written news story with sources and without editorializing. It's better than a lot of reputable media outlets do these days.
I have recently stopped doing any business with JPMorgan Chase.
Their staff are utterly incompetent and their business policies range from archaic and outdated to outright absurd from a business and profit-making standpoint. They're unable to retain customers and clients.
For the same reasons, I stopped doing business with BOA roughly 5 years ago.
If it weren't for a series of bailouts they would have both entered bankruptcy a decade ago.
Divest at your earliest convenience, even as a consumer level customer.
How is this related to GameStop?
Are these troubled banks being considered as possible acquisitions by GameStop after a MOASS event?
I'm satisfied with the GameStop Pro credit card being provided by Comenity Bank, (a part of Bread Financial), in the States; but, a Canadian bank would be a better acquisition, if a GameStop credit card were offered to Canucks. Eh?
Didn't the government give them a shit ton of money a couple years ago and prior to that a bunch of "to big to fail" money in 2008?
Seems they need to learn to manage they assets better.
My alcoholic brother received a 1099 form from the IRS. Citibank wrote off almost $9k in credit card debt. But the IRS considers this INCOME for him, Now he owes the IRS $2500!
He is still ahead by $6500, but has no money to pay the tax!
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The thing is 3.9T in assets(other people’s money) is very different at the end of the day than 4B in profit/your own money. Comparing it to AUM is disingenuous
That 3.9T was taken from investors and converted to FTDs years ago
Assets for a bank is their own cash/financial instruments. Deposits are liabilities because they dont have a right to it and have to pay it back
Outside investors that JPM manages is a MAJORITY of other people’s money BESIDES the much smaller amount they manage.
Is 4.5B a lot for JP Morgan
Article says they had $49.6 billion in profit last year, so roughly 9% of that figure. Although, it's not as simple as a 9% haircut on their profit. Banks don't like seeing their profit margins squeezed, so as credit card defaults rise, you can expect they'll increase interest rates (there or elsewhere) to compensate. Credit card interest rates already average close to 25%, which is historically very high. Rates were more like 12% to 14% a couple decades ago.
Out of interest.... i just checked mine, 13.9%
I don't even know what mine are, because I never carry a balance. Banks hate me. Sucks for most people, though: [https://www.lendingtree.com/credit-cards/average-credit-card-interest-rate-in-america/](https://www.lendingtree.com/credit-cards/average-credit-card-interest-rate-in-america/)
My credit score has a massive jump during the few years I was keeping some debt and letting interest add up. Then when I get my shit together and catch up on all my debt my score fucking drops
That's because they want you in debt, they want you paying interest for your entire life. You being in debt keeps them in caviar. Pulling out of the debt system and living debt free was the single greatest decision I ever made.
I don't carry a balance - pay statement every month, but I noted that when I have a big run up on my card my credit score jumps 20-30 points and credit karma tells me I'm awesome, then it's paid and my score reverts and credit karma tells me I fucked up. Ha
I get the opposite. I get a notification my credit has dropped for high utilization, even when I pay it off every month. And it's a big hit as well, like 20 or 30. I've not once carried debt or paid interest and I hover between 780 and 750 credit score. Are you sure that what is dropping your credit is not the agencies catching up with that high utilization from the previous month?
You don’t have enough credit then. If you have 200k in cards, and you run up 20k, your utilization isn’t going to take a hit like if you’ve got 40k available and you run up 20k before paying it off.
You outlined it correct. I'm floating in 810 to 840 a month. The only hit in my credit is they want me to open *more* accounts. Probably to increase my odds of carrying a balance.
Yes, because it sits in the low 800s for months with a few grand in usage and spikes when tens of thousands are racked in a few weeks. After payoff it drops again. I'm referred to as a deadbeat and they punish you accordingly. https://www.investopedia.com/terms/d/deadbeat.asp
your credit score is not always for your benefit
This is me, haven't carried a balance in almost 20 years! You're probably familiar with it already but if not look into **churning**, (fyi there's a sub for it but I think if i link to it from here I'll get in trouble for some stupid brigading reason) so just search. Basic idea for those not in the know is you constantly have 3-4 credit cards that you milk the rewards from and then cancel after you get the benefits. If you checkout nerdwallet they have all the best offers available at any given time so just do it based on what you want...planning a trip? do some skymiles cards, need to finance a big purchase for a year or two? Get a 0% interest card (usually at least 12 months, but often 18 months - just make sure you can pay it off with monthly installments, its an interest free loan!). Or just want to get cashback from the banks? Get a cash back card...most will have a period during which you hafta spend a certain amount (ie. earn $300 when you spend $3000 in first 3 months). So for those you put away your debit card and any other credit cards and throw everything on this new one to get the reward. My spouse and I have been doing this for a decade now, we make about 3k a year off it! Because FUCK the banks that's why to da moon 🚀🚀🚀
They earn plenty of money on your transaction fees and data
That's minimal compared to people paying 20% to 25% APR every month by making minimum payments.
I just use mine as a debit card and clear it weekly. I dont need the credit, just the insurance.
Similar concept for me. I use my credit card for everything so all my purchases are on that statement and I just have that one bill each month for all of it. Keeps my checking account statement uncluttered.
that shit is a myth. Banks make their money from the merchants who are charged a % to use their payment services.
Actually, it's not. I never said that banks don't make any money at all via my credit card use, which is what you're inferring. They hate people like me because it's far, far, far more lucrative for them when people carry as high of a balance as possible -- as long as they don't default.
I got very sick during covid (not covid related) and was essentially unable to work. I had to put a lot of expenses on credit cards, and they switched my interest rates to 29.96%. I have been paying $500+ a month on credit cards and only lowering my balance by like $30. I went from $0 in credit card debt and a 750 credit score to $15,000 in debt and a 520 credit score. I tried to refinance the cards with a loan, but I was denied everywhere because I was paying so much in credit debt. They didn't care that the loan would take the place of the credit card payments and that my $650 rent was way too much. Now, my best option is to stop paying on everything and just wait for them to make me an offer at a lower price. The whole system is fucking rigged. If they hadn't raised my rates so high, they would have made more money faster, and I wouldn't have a fucked credit score.
If you're in the States, consider: [https://www.nfcc.org/](https://www.nfcc.org/) If you're in Canada, consider: [https://nomoredebts.org/](https://nomoredebts.org/) If you don't belong to a credit union, check them out. They're more likely to offer a consolidation loan to eliminate the credit card debt, (than banks or finance companies would).
I see what you did there... Well done.
Mine's 24%. The UK has a typical APR of 29 on these things. America hasn't got there yet and still struggles to pay off their plastic.
Im in New Zealand. Price of everything in the Uk is mad now. Last time i went back i was blew away at fhe price of pints, and rent. I can't believe the cost of living is better here now, and dont even get me started on insurance.
I keep getting 30% offers in the mail and like no just no.
But, everybody would love you... [https://www.youtube.com/watch?v=GIDH5qpTez0](https://www.youtube.com/watch?v=GIDH5qpTez0)
and 20% to 25% a decade before that.(1970s)
They have $3.9T in assets but it will hemorrhage them and drive their stock down a bit. **edit** rewording
Anyone who checks if they have this or if they can ‘locate’ $3.9T?
They have 3.9T in assets, alright. They just go to a different school, so you don’t know those assets.
Isn't JPM the one who had a load of rocks in a vault somewhere that were supposed to be copper?
Nickle, and yes.
Shit was wild. Nickle squeeze occurred and they reversed trades. You can find people who are swapping their cash for rolls of nickles right now
Are you fucking kidding? My grandpa said thered be a nickel squeeze like 15 years ago and gave me a huge box of nickels that i eventually took to the bank cuz i thought he was crazy..
"FoRgEt AbOuT nIcKeL", I guess... 😅
You can order them by the box at the bank. Just call ahead and they'll order it for you. Just don't dump it back at the same location you got it from. They may not make orders for you. I pick up coins at my banks and dump at my credit union. Credit unions have coin machines for use like constar near me just walk in and do it yourself
So how many assets do they have once the crypto haircut on Tuesday goes into effect?
Are you referring to the HK Spot BTC ETFs?
🤣🤣🤣
They live in Niagara Falls
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I lol’d at this, thanks.
Also assets are generally considered illiquid.. like yeah I have a house, doesn't mean I can have equivalent cash tomorrow if shit hit the fan. Further, they may define 'having assets' as literally just something they're financing.. which to me is more so illiquid. So sure they might have 3T 'assets' but if it's dependent on other people paying mortgages do they really have it? ..we all know the circle of life with money and leveraging shit left and right so it depends on how risky vs actually owning shit.. the same way the normies or even small investors (like a slumlord) can get caught in a shit storm. But banks are too big to fail so fuck you tax payers
I'm an accountant for a different GSIB that has fewer but still over $1T assets. They do indeed have and can locate them.
They have $3.9T in assets, but that's client funds they manage. That's not money they have access to.
They should really cut down on the Starbucks and Avocado toast. Maybe skip breakfast, and get a second job as well.
I heard there is a cash money job behind Wendys by the dumpsters...
Staycations, from home as base
> drive their stock down a bit. You sure mate?
How much of that is GME in dark pool options
Ahh you think their growth fund will fall too? I've been meaning to take some out of there anyway, maybe I should do it asap.
Is this including AUM from their asset management arm?
"JP Morgan is a fortress"- Jim Cramer on Twitter last year. https://twitter.com/jimcramer/status/1634222320398086145?lang=en
alamo maybe LOL
As good as dead. RIP in peace JP.
Bear Stearns is fine
He's literally wrong about everything. Fucking hell.
No. In the quarter prior to this one, they stated they can absorb $514bn of losses.
$4.5b so far… $510b to go.
Probably an uptick, but for a bank that big with the total value of the loans in its portfolio, I doubt it’s putting in much of a dent. I worked at one of the larger banks that’s still a fraction of the size of JPM/Chase when comparing total assets. The loans that just our team accumulated for our bank’s portfolio, for a specific asset type and from a specific originator, were in total almost the size of this loss. I imagine what we had is a drop in the bucket to what JP Morgan has in its portfolio’s loans and debt. The loss increase is numerically significant enough to notice but not about take out Chase. If anything, this number is good for clickbait without context or to provide insight to Chase’s analysts about where there might be some turbulence in the economy right now.
A few shares were repurchased?
4,5B is a lot for me
Real question: does it move the needle enough to make Jamie Demon's recent sales insider trading?
Pretty sure they made like 7b in overdraft fees in the last couple of years so probably not much
They don’t know what it means to suffer. But I am about to show them.
as an old poor, I welcome the new poors to the back of the line
These people have no idea how to live without money. They're what's called "new poor." We're "old poor."
no, they are called pavement fodder because that's the path most of them take after losing like this. I don't wish harm on anybody or wish poorly on someone, but that's how they approach life. Money or nothing.
some of them got caught up in bad "bets" and others should be in prison like Mayoman
The person you're replying to is quoting an episode from [It's Always Sunny in Philadelphia](https://youtu.be/vSpn8HesfBE?si=6x-d8Ge-p-xJ7ODb).
I’d like to see that myself. Mind if I watch?
I’m sure they’ll find another way to bail themselves out again.
With that attitude they will. Personally I absolutely believe they'll face consequences and I'll have the money to do something about it.
You mean our friendly neighborhood government will find a way for us to bail them out again ...
It's already been planned for a long time, it's called "bail in" where they seize deposits and give back a fraction of the value . This will happen on a global scale when bank failures become endemic
[удалено]
**Threats of violence towards anyone have no place on Superstonk or Reddit.**
He’s gonna but
But….?
NUT*
I’m gonna show them too.. with my D.
😏 My 8pe
By defaulting on all your credit cards?
Gonna give the hedgefucks the tiddy twistin of their lives.
I’m personally one of the people who can’t pay
You mean you defaulted on credit card debt? I commend you for still holding your shares this long, then, assuming that's the case, but dude, that sucks to be backed into a corner like that.
You mean the $4.5B that doesn't exist because it's "collateral" on other bad debt? Oh this is going to be fascinating once it finally starts to truly unwind...
4.5B so far
May it be many times more in the end.
lol then the gov bails them out with taxpayer money. I wonder if this happened before
Lol. Wait till they hear how much hemorrhage my 15 shares held my diamond hands are going to cause them.
Ken griffin in 2008 used our entire economy & pension funds into an algorithm that started feeding him billions and billions a year. You can only fake the system so long. He's building a $4Billion bunker in Florida. He's the biggest financial terrorist this country has ever seen. Citadel increased NVDA position +4000% Q1 2023 Q2 2023 PREMARKET shares jumped +43% on less than 10,000 shares traded. From Q1 2023 > Q12024 citadel has made $1.6 Billion in shares alone, not including options. It's a scam for wealthy to steal from the poor. He bribes next 100 people in charge and all involved live a life of luxury, travel as they oppress the 99% & blame them.
Wouldn't Florida be an absolutely terrible place for a bunker? How is he going to deal with the water and hurricanes intruding in?
Look it up. This is 999 million 3 1/2 times over. He can build and purchase anything he wants. Hurricanes are nothing to our military nuclear fallout bunkers I don't believe?
He'll no the rise sea levels will put the entirety of the state including Tallahassee underwater by 2080. Unless he plans on using a submarine to get in and put of it he's a fucking idiot 🙄 but hey we all know about the wealthys track record with submarines.
He'll be dead long before that, he doesn't care at all, and might not believe it will happen.
With enough money, you can deal with anything.
> Citadel increased NVDA position +4000% Q1 2023 yeah, my tinfoil.... You know how we have things like the microwave oven due to military research. Well...we don't talk about how/why that tech was moved from top secret to public. If I were a betting man, I'd say that ai language models are not new. That the NSA has been using them for quite some time to process all the massive hoards of data they collect. And that language models have been "moved" to the civil side now for a reason. And yeah. Apes very well may be that "reason".
I like the crinkle of your foil. Hadn't even considered the whole DARPA angle on AI recently. It's probably worth having another think.
ken griffin is a financial criminal, some may say a financial terrorist. i dont understand why MSM still glorifying him. anyway, i have submitted complaints to FBI, DOJ about ken griffin manipulating the prices of securities. in this video , he was even bragging about manipulating securities' prices. [https://www.reddit.com/r/Superstonk/comments/18fmara/i\_submitted\_a\_complaint\_to\_fbi\_doj\_about/](https://www.reddit.com/r/Superstonk/comments/18fmara/i_submitted_a_complaint_to_fbi_doj_about/)
💯... everyone he has given money to and every person he has had business with needs to be investigated.
That’s a shame
Billionaire wealth doubled during the pandemic. I can't help but wonder to whom that unrecoverable money of the poor went. It's a great mystery.
It's kind of impressive how the banks manage to lose money. The only thing they need to do is lend out money and manage transactions, but they always end up doing some risky/illegal bet while trying to rip off their own customers, only to have said bet blow up in their own face once a decade.
It’s easy to gamble with someone else’s money
The bankers are so lucky that the tax payers love to bail them out every time the bets go bad
Hahahaha! Fuck you. Pay me.
Your Hedge- Fund will collapse? *FUCK YOU, PAY ME!!*
They should eat less avocado toast and pull themselves up by their bootstraps.
*BofA says those losses stem mainly from credit card debt that will likely never be paid.* So they loan money/issue CCs to anyone with a pulse because they *love* that sweet 29.99% interest but then get butt hurt when they don’t get paid back. I’ll be right back. Have to go find my tiny violin. 🎻
~~butt hurt~~ bailed out
$4.5b so far
Oh no! Anyway...
Ted Cruz dumped stock right before this report
Ted Cruz definitely a human being and not a lizard alien, that Ted 'zodiac killer' Cruz?
Don’t stop. I’m almost there.
It’s getting interesting, …
Jamie Dimon just gonna trick Jpow into printing more money for JP Morgan . No worries y’all
Nothing political donations to get tax breaks won't fix
JPM interns be googling “how can a company short its own stock”
Sucks to be them
Could it be higher and they are scripting a narrative to suit themselves?
I am so glad my shares are DRS’d.
Too big to fail = moral hazard
Very much what happens when you pay people low wages then pressure them into buying high end consumer goods on massive amounts of credit. We had the housing bubble burst but it was just the most readily identifiable debt bubble, it wasn't the only one.
This is just an operating cost from their nearly $50 billion is profit.
Imagine you short a stock and manipulate the price down, now if you cant Cover your naked shorts, its becoming a problem, on paper you got profits but realizing it is not resulting in the billions you had is the problem (for them) in this case
Burn!!!!!!
How much crypto makes up their asset pool? Didn’t a law just pass that crypto is not an asset effectively on the 30th?
“Suffer” lol
Commercial Real Estate is crumbling and most of those buildings value has plummeted. I moved my career from Commercial to multifamily real estate during the pandemic when I watched multiple high rise buildings empty out.
dailyhodl. C O M????? Seriously??? Ima haff to wait a minute or three on this one….
That's what I said, but it's a simple, well-written news story with sources and without editorializing. It's better than a lot of reputable media outlets do these days.
30k in credit card debt is my problem. Everyone with 30k debt we can’t pay. That’s your problem.
Amen. They are sending letters offering me terms to cut that debt in half if I pay it
I think I will wait for a better offer.
Exactly
I just sold a bunch of useless stock to pay off BoA credit cards. Maybe I’ll wait a few more weeks lol
No more lattes.
>"BofA says those losses stem mainly from credit card debt that will likely never be paid." Damn.
I am sure the tax payers will be placed on the hook one way or another.
I have recently stopped doing any business with JPMorgan Chase. Their staff are utterly incompetent and their business policies range from archaic and outdated to outright absurd from a business and profit-making standpoint. They're unable to retain customers and clients. For the same reasons, I stopped doing business with BOA roughly 5 years ago. If it weren't for a series of bailouts they would have both entered bankruptcy a decade ago. Divest at your earliest convenience, even as a consumer level customer.
I’ll take that as my price per share
Not a lot of collateral in avocado toasts
Ayee part of my $1200 in credit card debt that I never paid is probably part of it. Doing my part I guess?
Jamie, Jamie, Jamie…
Noice
Those are rookie numbers. Wait till you see their MOASS numbers.
Makes sense they just announced they are closing the main chase bank in are town
So? In the past four years, BoA alone made more than $100B in profits.
so which is a better "Trust Me Bro"? 3.9T assets under management or 65B sold not yet purchased?
Oh no! Let me grab my tiny violin 🎻 😌
Meanwhile I'm taking them for all their credit card and bank account signup bonuses lol
How is this related to GameStop? Are these troubled banks being considered as possible acquisitions by GameStop after a MOASS event? I'm satisfied with the GameStop Pro credit card being provided by Comenity Bank, (a part of Bread Financial), in the States; but, a Canadian bank would be a better acquisition, if a GameStop credit card were offered to Canucks. Eh?
Sucks to suck. Try harder next time Chase.
Could unrecoverable sent be the result of taking risky bets with infinite downsides?
Didn't the government give them a shit ton of money a couple years ago and prior to that a bunch of "to big to fail" money in 2008? Seems they need to learn to manage they assets better.
You can bet if they can add Citadels loans in that 2B bucket, they will
Where is that coming from? /S
#MOAR
Very bad news for us peasants. We will give them free money because they are 'too big to fail".
Unrecoverable cause I ain't selling. Fuck em.
What a shame. Don't care. Pay me.
Great news
_again_??
My alcoholic brother received a 1099 form from the IRS. Citibank wrote off almost $9k in credit card debt. But the IRS considers this INCOME for him, Now he owes the IRS $2500! He is still ahead by $6500, but has no money to pay the tax!
Use that now empty credit card
Um they closed his card, and he has a horrible credit score.
They’ll survive. I don’t cry for corporations.
Record profits are balanced by record losses.
Banker: "It was all credit card debt" Also Banker: \*desperately sweeps sub-prime mortgages under the carpet