JPMorgan credit card spending ticks up, modestly helping loan growth

FILE PHOTO: JP Morgan Chase & Co. corporate headquarters in New York
FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar

June 4, 2021

(Corrects June 3 story to reflect that bank says 17% referred to the month of May, not the year to date)

NEW YORK (Reuters) – Spending by customers holding JPMorgan Chase & Co credit cards was up 17% in May over the same period in 2019, bank co-president Gordon Smith said on Thursday.

The uptick in credit card spending should mean that loans begin to grow modestly by the end of the year, Smith said.

(Reporting by Elizabeth Dilts Marshall)