More interesting tidbits from Chase’s investor day.
That’s $116.7 billion in bad loans, though Chase said it has already written down their value to $88.8 billion.
Chase expects $32.5 billion in total losses on the WaMu home loan portfolio, though that number could rise to as much as $40 billion if home prices fall more than expected.
The company also expects losses on WaMu’s $28 billion credit-card portfolio to approach a costly 15 percent this quarter.
Additionally, JPMorgan disclosed Thursday it was eliminating another 2,800 WaMu jobs through attrition, mainly in call centers, mortgage-processing centers, and back-office units.
With regard to its own mortgages, the bank anticipates $1 billion to $1.4 billion in quarterly losses this year on just its home equity loans made to more creditworthy borrowers.
Chase believes up to 41 percent of these borrowers will be underwater by the end of 2010, up from 27 percent at the end of 2008.
Looks like we’ll have to wait a while for that recovery…