According to China's top economic planning body, some local companies are cutting back on their efforts to hire new university graduates.China Economyread more
Airbus recorded orders and options for 123 planes, according to the aviation consulting firm IBA.iQ.Paris Air Showread more
Markets in Asia were mostly higher in Tuesday trade as investors awaited the start of a closely-watched meeting by the U.S. Federal Reserve, set to kick off later stateside.Asia Marketsread more
Wall Street analysts think Facebook's cryptocurrency payments project will give the company a big boost.Marketsread more
Chinese President Xi Jinping will travel to North Korea this week for a two-day visit, ahead of a possible meeting between Xi and President Donald Trump at next week's G-20...Politicsread more
The Pentagon said that the crew of one of the tankers, the Japanese Kokuka Courageous, found an unexploded limpet mine on its hull following an initial explosion.Politicsread more
Despite the popularity of companies like Beyond Meat and Impossible Foods, meat consumption around the world continues to rise.Food & Beverageread more
Electronic material that Infowars host Alex Jones turned over to families of Sandy Hook Elementary School shooting victims who are suing him contained images of child...Politicsread more
Facebook's reported move into cryptocurrency could amount to the biggest catalyst for digital assets in their decade-long history, some crypto investors say.Bitcoinread more
In a 7-2 ruling, over dissents from Justices Ruth Bader Ginsburg and Neil Gorsuch, the justices affirmed the so-called "dual sovereignty" exception to the Constitution's...Politicsread more
Eleven banks that lend to shipping lines announced Monday that climate impact will be integrated into the criteria that determines how much shipping companies can borrow, an...Transportationread more
Jamie Dimon has a message for his employees and investors: When the time comes, J.P. Morgan Chase will rein in loan growth at the nation's biggest bank.
Analysts peppered Dimon, 62, and his chief financial officer Tuesday with questions about loans amid concerns that the U.S. is nearing the end of a long economic expansion. When a recession finally takes hold, defaults will rise as consumers and corporations struggle to repay debts, and lenders that aggressively took on risk will be left with ballooning losses.
"We tell our management that we have no problems seeing loan books shrink," Dimon said in the earnings conference call. "Remember, Warren Buffett used to say in the insurance business, and sometimes this is true in the loan business, [there are times] when you're better off having the sales force go play golf than make new loans. We are not going to be stupid."
The questions come after J.P. Morgan posted quarterly profit below analysts' expectations for the first time in 15 quarters as turbulent markets late last year affected results across operations. The bank surprised analysts by setting aside $1.55 billion for credit losses, $250 million more than the average estimate, as it prepared for hits on credit card debt and commercial and industrial loans.
Still, when the next analyst, Betsy Graseck of Morgan Stanley, asked Dimon if his salespeople were "playing golf all day yet," Dimon responded with a sharp "No."
Credit from mortgage to middle-market lending has still been mostly "pristine," apart from a few areas where competition has become too heated in the industry, including auto loans, subprime credit cards and leveraged loans, Dimon said.
CFO Marianne Lake specified that in areas such as mortgage lending, auto loans and commercial real estate, the bank has refused to chase growth, particularly where clients don't have multiple relationships with the New York-based bank.
"Where businesses are notably a little bit less relationship driven, think about loan-only relationships, commercial term lending, real estate banking, mortgage to a lesser degree, we are losing or seeking share where it makes sense to do that," Lake said.