JPMorgan Chase & Co. (NYSE: JPM) analysts cut their forecasts for China’s growth in 2010 and 2011 citing a near-term loss of momentum in the global economic recovery.
The analysts at JPMorgan Chase & Co. (NYSE: JPM) now predict that China’s gross domestic product will expand by 9.8% this year, down by 0.2% from its previous estimate of 10.0%. Next year, the analysts predict that China will see growth rates of 8.6%, down from its previous estimate of 8.8%.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. JPMorgan Chase’s principal bank subsidiaries are JPMorgan Chase Bank, National Association (JPMorgan Chase Bank, N.A.), a national banking association with United States branches in 23 states, and Chase Bank USA, National Association (Chase Bank USA, N.A.), a national banking association that is the Firm’s credit card-issuing bank. JPMorgan Chase’s principal nonbank subsidiary is J.P. Morgan Securities Inc. (JPMorgan Securities), its United States investment banking firm. Its activities are organized into six business segments: Investment Bank, Retail Financial Services (RFS), Card Services (CS), Commercial Banking (CB), Treasury & Securities Services (TSS) and Asset Management (AM). Its wholesale businesses comprise the Investment Bank, Commercial Banking, Treasury & Securities Services and Asset Management segments. Its consumer businesses comprise the Retail Financial Services and Card Services segments.
Shares of JPMorgan Chase & Co. (NYSE: JPM) traded down 0.70% on Monday ending the day at $36.88.
