JPMorgan (JPM) is holding its investor meeting today, and a few interesting tid-bits have come out so far.
One important bit, that holds implications for several big financials, is that credit card portfolios are ugly. The bank expects that credit card business will be a money loser all year.
On the bright side, commercial banking is having a record quarter, which fits into some talk that after a weak March, banks have started to see a pickup in business once again.
As for TARP, JPMorgan is looking forward to paying it back ASAP, as soon as it gets the exact guidelines from Treasury. CEO Jamie Dimon called it a “painful” experience.
Update: Another note: Dimon says they’re likely to revisit the dividend cuts, perhaps by the end of the year. That’s probably welcome news to the retirees who usually go to these investor events.