JPM Exposure to CIT ‘Immaterial’

JPMorgan Chase says its exposure to a possible CIT Group bankruptcy filing will be “immaterial,” JPM’s CEO Jamie Dimon said today. Dimon said the bank has fixed-income exposures and that there are secondary affect to JPM because of companies that the bank works with, but those implications will be negligible to bank earnings.

CIT appears to be headed for bankrucpty. The company said yesterday that talks with regulators have broken off and “there is no appreciable likelihood of additional government support being provided over the near term.” The company said it is “evaluating alternatives.”