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No Details on Credit Card Losses from Ken Lewis
Kenneth Lewis, the chief executive of Bank of America Corp., said yesterday that credit card losses will jump in the coming quarters.
“We, as an industry, may end up with possibly the highest credit card losses the industry has ever experienced,” Lewis said.
Did he offer any concrete data points? No. Lewis’s statement doesn’t exactly offer a constructive point of reference for bankers. I imagine the next comment he’ll make is: “The economy is bad.”
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