The CFO also sounded more cautious in his outlook for housing. While JPMorgan Chase CEO Jamie Dimon said housing had "turned the corner", Gerspach said he sometimes has trouble seeing the corner.
"We are seeing some elements of stabilization in the housing market but there are still significant challenges," said Gerspach. "In the past we have seen periodic improvements only to come crashing down." The CFO is unconvinced that the economy is strong enough to sustain the housing market. "We need to get through the elections, the fiscal cliff and have an economy that is strong enough to sustain job growth and bring a reduction in real unemployment rate."
-- Written by Shanthi Bharatwaj in New York.