NEW YORK (Reuters) -JPMorgan Chase’s exposure to bankrupt auto dealer Tricolor is “not our finest moment,” the bank’s CEO Jamie Dimon told reporters on a conference call on Tuesday.
JPMorgan charged off $170 million in the third quarter related to the situation, and the bank is reviewing its controls, Chief Financial Officer Jeremy Barnum said.
The bankruptcies of automotive-related Tricolor and companies First Brands, along with potential losses at banks and investment funds, are raising new concerns about hidden risks in parts of the credit market — prompting investors to take a closer look at risky debt.
(Reporting by Nupur Anand in New York and Manya Saini in Bengaluru, editing by Lananh Nguyen)
