Chase Bank has announced to shareholders that they will be chopping off 15% of card members. CEO Jamie Dimon announced.
“In the future, we no longer will be offering credit cards to approximately 15% of the customers to whom we currently offer them. this is mostly because we deem them too risky in light of new regulations restricting our ability to make adjustments over time as the client’s risk profile changes. – Source”
I know these are painful decisions but in reality what Chase is doing is dropping the customers they never should have taken on in the first place who were basically risk managed by the other card holders that were making Chase more profit at less risk.
We’ll just have to wait to see who the folks are that get the “don’t let the door hit you on the ass on the way out” letters.
