Dimon added that card issuers must do a "better job underwriting upfront and if you want to maintain your clients a better job ... marketing the things such as rewards and services and things like that to grow the business." P/>Chase Card CEO Smith echoed that message.
"We really are going through pain right now," he says. "It's the worst macro-environment the card industry at scale has ever seen. And we know we just got to work through it, so that's what we're doing ... [investing] heavily through this cycle so that as we come out the other side we'll feel we'll have positioned the business with some really good products for our customers."
--Written by Laurie Kulikowski in New York.
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