It is the 14th of October 2019

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Jamie Dimon Warns "Someone Will Get Hurt In Auto Lending" As Citi Sees No Rebound From Abysmal First Quarter

Yesterday JPMorgan's chief executive for corporate and investment banking, Daniel Pinto, sparked hope that the collapse in investment banking revenue and profits plaguing the banking industry in the first quarter had ended, when he said that JPM is on track for a mid-teens percentage increase in markets revenue in Q2 compared with a weak period a year earlier (he also added that compensation in fixed-income is down 25% over the past five years and headcount is down 10%). This guidance however was quickly dashed by Jamie Dimon today when the CEO said during a Bernstein investor conference not to project a 15% increase in trading revenue.

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Used Car Price Plunge "Could Bring The Whole House Of Cards Down"

When we first warned that something was breaking in the American auto market, the Phil-LeBeau-ians crawled out of the woodwork to explain how everything is still awesome (brushing the weakness in stocks) despite soaring inventories and shrinking credit. Then when used-car prices began to leak lower, a few paid attention and the recent weakness in new car sales has shocked most. Now, however, used-car-prices are plunging at a similar pace to 2008...

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