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
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed

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

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

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