Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.
Israeli media: 32% of Americans still support "Israel's" war on Hamas, while 60% oppose it.
Israeli media: Core US support for "Israel" hits its lowest, while support for Palestine reaches its highest levels.
Al Mayadeen's correspondent reports martyrs, injuries in Israeli bombardment of home in Heker al-Jame area in Deir al-Balah, central Gaza.
Al-Quds Governorate: Today, the spatial division of Al-Aqsa Mosque began in a public and dangerous manner, and we warn of a religious war in the region
The Ministry of Health in Gaza: This brings the total number of victims of famine and malnutrition to 175, including 93 children

Chase, Bank of America, Citi: 'Mild' recession coming with joblessness

  • By Al Mayadeen English
  • Source: Axios
  • 14 Jan 2023 12:51
3 Min Read

With consumers receiving loans to sustain high levels of spending, interest rates and fees are being hiked up by banks as a result, fueling bank revenues and profits.

  • x
  • Credit cards issued by Chase, Citi, and Bank of America (Frequent Miller)
    Credit cards issued by Chase, Citi, and Bank of America (Frequent Miller)

Executives from JPMorgan Chase, Bank of America and Citigroup released statements on Friday on projecting a "mild recession" this year, alongside predictions of an incline in unemployment rates of 4.9%, 5.5% and 5%, respectively.

Bank of America CEO Brian Moynihan stated on behalf of the company that "a rapid rise" in unemployment is due to kick off this year, despite acknowledging that this outlook is "much more conservative than the economic estimates that are out there."

Read next: US: Unemployment benefits applications generally indicate layoffs

Credit loans benefit banks but hurt consumers

Related News

UN chief warns of fragmentation in global finance system

7 arrested in Germany for financing $71,552 for IS terrorist activity

Consumer banking divisions such as credit cards, accounts and loans scored high numbers this quarter. Chase reported a net income of $4.54 billion, up 9.5% from a year before. Bank of America recorded a profit of $3.58 billion, up 14.5% from a year earlier. Shares from all three entities closed up over 2%.

With consumers receiving loans to sustain high levels of spending, interest rates and fees are being hiked up by banks as a resultÙˆ which tends to fuel bank revenues and profits. With that being said, credit loans skyrocketed 19% at Chase, which brought records back to pre-pandemic levels, and jumped 13% at Citigroup.

This projected rise could recede and have a devastating fall or crash if it continues the way it is now. 

Recession is 'unavoidable'

The CEO of JPMorgan, Jamie Dimon, predicted back in October that the US economy will fall into recession within 6 to 9 months, citing a number of factors leading to this. 

He posited that the Federal Reserve's strategy for dealing with inflation - which is running away from it - in addition to the unknown effects of quantitative easing and consequences of the Ukraine war are all exacerbating the situation.

“These are very, very serious things which I think are likely to push the US and the world - I mean, Europe is already in recession - and they’re likely to put the US in some kind of recession six to nine months from now,” Dimon said.

In that same month, Bloomberg economists Anna Wong and Eliza Winger forecasted in their latest recession probability models that there is an increased probability of recession over all timeframes, during which it will hit a downturn reaching 100% in October 2023 compared to 65% within a comparable period during the 12-month estimate.

  • Finance
  • economic crisis
  • JPMorgan
  • citibank
  • chase
  • US
  • bank of america
  • Recession

Most Read

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A member of the al-Qassam Brigades, the armed wing of Hamas, takes part in a parade as he celebrates a ceasefire agreement between Hamas and the Israeli regime in Deir al-Balah, Gaza Strip, Sunday, January 19, 2025 (AP)
Politics

Al-Qassam: We’ll allow aid to Israeli captives if Gaza siege ends

Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)
Politics

Exclusive: Resistance key to building state, Georges Abdallah says

United Nations Secretary General Antonio Guterres gives a statement about the situation in Gaza at UN headquarters, Friday, June 27, 2025 (AP)
Politics

UN warns Gaza faces water crisis, looming famine under Israeli siege

Israeli soldiers drive their armored personnel carrier along the Gaza Strip, in southern occupied Palestine, Wednesday, July 30, 2025 (AP)
Politics

Ex-Israeli general says Gaza starvation campaign isolated 'Israel'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS