JP Morgan Chase Tower in Houston, TexasImplementing provisions of the Credit Card Accountability, Responsibility and Disclosure Act will cost JPMorgan Chase & Co. $500 million to $750 million this year, Chase CEO Jamie Dimon said last week in his annual letter to shareholders.
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Calling the last two years "among the most extraordinary and challenging" in the company's recent history, Dimon outlined recent setbacks in its Card Services unit and additional challenges facing the operation.
Noting legislators enacted the Credit CARD Act in response to certain practices considered not consumer friendly, Dimon said many of the act's provisions were "completely appropriate." However, preparations for the law going fully into effect Feb. 22 hurt earnings last year and will further cramp Chase's earnings this year, he said. Read More >>
See Related Articles below: Jamie Dimon gets $16 million stock bonus for 2009
Calling the last two years "among the most extraordinary and challenging" in the company's recent history, Dimon outlined recent setbacks in its Card Services unit and additional challenges facing the operation.
Noting legislators enacted the Credit CARD Act in response to certain practices considered not consumer friendly, Dimon said many of the act's provisions were "completely appropriate." However, preparations for the law going fully into effect Feb. 22 hurt earnings last year and will further cramp Chase's earnings this year, he said. Read More >>
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