JPMorgan's Dimon: Exposure To Big 3 Auto Firms Less Than $1 Billion
April 16 2009 - 9:19AM
Dow Jones News
JPMorgan Chase & Co. (JPM) Chairman and Chief Executive
Jamie Dimon said during a conference call with investors that his
bank's exposure to the auto industry is reserved for but could
cause some losses.
"The three companies are total exposure, in other words, how
much could we possibly lose at the far end, it would be well less
than $1 billion," he said.
"We have exposure to the finance companies, mostly
collateralized....We can lose money there. And obviously we have
exposures to suppliers both in the commercial bank and the
investment bank and. You're basically already seeing a lot of that
stress in the balance sheet."
-By Matthias Rieker, Dow Jones Newswires; 201-938-5936;
matthias.rieker@dowjones.com