JP Morgan's Welfare Future
Mega-bank JP Morgan seems to be having some financial woes, even though its profits are up. Morgan's overall income has declined, and the bulk of their side businesses have either under-performed, or have reported bland results.
its consumer banking segment fell 12 percent to $2.6 billion, and ignoring
accounting adjustments, its corporate and investment banking profit dropped 2
percent to $2.5 billion.
The difficulty in the businesses
bodes poorly for other Wall Street banks, which are due to report next week.
Shares of Goldman Sachs Group Inc fell 1.2 percent to $147.31, and Citigroup
Inc, due to report on Monday, fell 1.1 percent to $44.36.-Reuters
The bright side for JP Morgan is that their stranglehold on the U.S. Welfare programs (WIC, SNAP and TANF) is flourising. For those of you who did not know, JP Morgan is the largest EBT recipient.
The USDA, who administers the EBT and the other Welfare programs details the JP Morgan contracts, as well as the contracts of other vendors on their website. Visit to learn more:USDA