Brace yourselves, lay-off isn’t over across the industry per this particle
https://nypost.com/2022/07/17/massive-wall-street-layoffs-feared-as-banking-profits-tank/amp/
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I think auto and mortgage are less a worry for JPMC, personally. Mortgage was drastically reduced after 2008. The book is small and pretty tightly underwritten.
Auto is only like a 60B portfolio at chase, so even that isn't large.
But cards is going to be astounding in its credit losses over next 2 years. Chase had expanded the credit box a ton, to get new cardholders. And with 20% rise in card balances, in a rising rate environment, being in an inflationary recession. Wow, the credit card writeoffs are going to be the story, much more so than auto/mortgage.
In the mean time, don’t give it everything you have got and go above and beyond. You don’t want to be at a loss that you spent extra effort here, only to find out you’re cut like a disposable battery
dont be surprised to see a generic press release that CCB will be cutting 10-20k people, without giving any specifics to the public. Then internally, we'll get to see how they go about it surgically within CCB divisions.
Home lending is old news, pretty sure there will be more victims outside of that
Home lending is just waiting for the shoe to drop
Home Lending for sure
I wonder what areas will be downsized