JPMorgan bank card customers’ spending is down considerably. FOX Enterprise’ Lauren Simonetti with extra.American Categorical revenue plummeted 85 p.c within the three months by June as clients slashed spending whereas holed up of their houses throughout COVID-19 lockdowns.The New York-based monetary companies firm earned $257 million, or 29 cents per share, as income fell 29 p.c to $7.68 billion. Wall Street analysts surveyed by Refinitiv have been anticipating a lack of 11 cents per share on income of $8.15 billion.“While our second quarter results reflect the challenges of the current environment, we remain confident that our strategy for navigating this period of uncertainty is the right one,” American Categorical CEO Stephen Squeri stated in a press release. “Spending volumes, which declined to their lowest point this quarter in April, gradually improved in May and June, with small businesses being the most resilient.”CLICK HERE TO READ MORE ON FOX BUSINESSThis story is creating. Verify again for updates.
