slowdown? credit-cards and still some winners

17Jul08

“Our expectation is for the economic environment to continue to be weak—and to likely get weaker—and for the capital markets to remain under stress,” he said. “We remain conscious that since substantial risks still remain on our balance sheet, these factors will likely affect our business for the remainder of the year or longer.” Portfolio.com

What’s next? It seems that the credit-card business is going through a difficult time, due to late or default payments.

Who’s still winning? Those who can joggle their way through the economic slump.. Take example from JPMorgan.

“J.P. Morgan’s results look stellar compared with other banks and Wall Street firms even as it has also been affected by the housing slump and resulting credit crunch.” Portfolio.com

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