The chief executive of US bank JPMorgan Chase, Jamie Dimon, told the Financial Times on Thursday that the worst of the economic crisis still lay ahead as hard-hit consumers default on their loans.
"The worst of the economic situation is not yet behind us. It looks as if it will continue to deteriorate for most of 2009," he told the business daily.
"In terms of our sector, we expect consumer loans and credit cards to continue to get worse."
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I have heard that banks have stepped up agressive campaigns to go after consumers who are even the slightest bit late. But it must not be too bad for the banks yet, CitiGroup, a recipient of the bailout, still had enough funds to donate over $100,000 to the inauguration.
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