Credit card losses set to climb industrywide – JPMorgan’s Smith

Credit-crdNEW YORK: U.S. credit card losses are likely to rise at JPMorgan Chase & Co (JPM.N) and across the industry, Gordon Smith, head of the bank’s consumer businesses, said at a conference Tuesday.

Smith said the largest U.S. bank is being “surgical” in determining where to tighten credit standards but he added that lenders industrywide ought to be leaning toward stricter credit card lending standards rather than looser ones.