JPMorgan’s Dimon says consumer loan growth could take 6-9 months to return to normal


Jamie Dimon, CEO of JPMorgan Chase, participates in a panel discussion on investing in Detroit during a panel discussion at the Kennedy School of Government at Harvard University in Cambridge, Massachusetts, the United States, April 11, 2018. REUTERS / Brian Snyder

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NEW YORK, Jan.11 (Reuters) – Growth in consumer loans could take six to nine months to return to normal, JPMorgan Chase & Co CEO Jamie Dimon said in a television interview on Tuesday.

Consumer loans, especially on credit cards, fell sharply when the pandemic began as people stayed home and used the stimulus money to pay off debts.

However, Dimon, speaking in a pre-recorded interview with Fox Business, said the economy is strong and can withstand a 1% interest rate hike in the coming year.

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“Lending growth on the business side is likely to return to normal,” Dimon said. “On the consumer side, it will return to normal, it could take another six to nine months.”

JPMorgan, America’s largest bank by assets, to release quarterly results on Friday, along with Citigroup Inc (CN) and Wells Fargo & Co. L1N2TL1QE

The bank could expand its new digital consumer banking business in the UK to similar businesses in European countries, Dimon said. Deposits in these countries would be used as local laws allow, possibly for local consumer loans, he added.

Digital technology for mainstream banking has made international expansion possible whereas in the past, the bank has excluded companies because they would have required the opening of branches.

JPMorgan continues to research technology to acquire, Dimon said.

“Our team is constantly looking at how we can improve our services through acquisitions, partnerships, sale and partial ownership,” he said.

After missing out on opportunities in the past, Dimon said the bank already has stakes in more than 100 fintech companies.

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Reporting by David Henry and Matt Scuffham in New York, and Louise Heavens

Our Standards: Thomson Reuters Trust Principles.


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