die Kreditabschreibungen jetzt schon voll durchschlagen. Das könnte zum overkill an der Börse werden, bloß das timing ist schwierig (jetzt? in 3 Monaten? in 6 Monaten?). Hier ein Auszug aus dem Quartalsbericht von JPM zum Q2:
".....Net income was $2.7 billion, an increase of $718 million, or 36%, from the prior year. The increase in earnings was driven by higher net revenue, predominantly offset by a higher provision for credit losses and higher noninterest expense.....The managed provision for credit losses was $9.7 billion, up by $5.4 billion, from the prior year. The total consumer-managed provision for credit losses was $8.5 billion, compared with $3.8 billion in the prior year, reflecting higher net charge-offs and an increase in the allowance for credit losses, largely related to home lending. Consumer-managed net charge-offs were $7.0 billion, compared with $2.9 billion in the prior year, resulting in managed net charge-off rates of 6.18%2 and 3.08%, respectively. The wholesale provision for credit losses was $1.2 billion, compared with $505 million in the prior year, reflecting an increase in the allowance for credit losses, largely in the Investment Bank. Wholesale net charge-offs were $679 million, compared with net charge-offs of $41 million in the prior year, resulting in net charge-off rates of 1.19% and 0.08%, respectively. The firm’s nonperforming assets totaled $17.5 billion at June 30, 2009, up from the prior-year level of $6.2 billion....."
files.shareholder.com/downloads/ONE/...Press_Release_FINAL.pdf
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