In a presentation to investors Feb. 28, JPMorgan's Smith pointed to metrics including revenue margin and compound annual growth rate to argue JPMorgan's credit card business is beating rivals, including American Express.
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Looking at the affluent and high net worth segment, however, it is more difficult to see clear improvement for JPMorgan. Return on equity in that segment went from 23% in 2009 to 4% in 2010 to 16% last year.
-- Written by Dan Freed in New York.
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