JPMorgan Chase & Co (NYSE:JPM)’s President and Chief Operating Officer Daniel Pinto said loan demand is declining at a time when regional and small banks are also tightening credit.
“There is no doubt that regional banks and smaller banks are building up liquidity, building capital, so they are lending a bit less,” Pinto told investors on Friday. “I don’t think that the big banks have really changed their lending standards… there is not a huge amount of loan demand in the first place.”
Consumption remains positive, but there are some indications the economy is slowing, Pinto said. He expected the Federal Reserve to raise rates further.
Read More : JPMorgan President Sounds Alarm on Decreasing Loan Demand and Impact of US Economic Slowdown