JPMorgan Chase and Wells Fargo recently announced quarterly financial results, alarming their stockholders about the dismal state of the economy. Just recently, both companies announced that their fourth-quarter earnings were decidedly weak and they had been impacted by recent “loan losses”. One of the biggest culprits in the spiraling economy, of course, is the implosion of housing prices. But according to these major card issuers, consumers are also struggling mightily to pay off their home equity loans, credit cards, and auto loans as well.
JPMorgan is also looking to capitalize on the weakened economy with the prospect of buying good assets on the cheap, taking advantage of these suddenly discounted share prices. Many experts believe JPMorgan may be looking at purchasing several regional banks, including the possibility of SunTrust and Washington Mutual. Of course, the company isn’t saying much at this time.
“In terms of either buying assets of buying companies, we’re very open-minded,” said a representative. “This environment doesn’t change that at all. It just may make it more likely.”
Wells Fargo, on the other hand, reported its lowest quarterly earnings in the past six years.
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