J.P. Morgan's Braunstein: We're A Long Distance From A Normalized Environment (JPM)

Doug Braunstein, the CFO of J.P. Morgan Chase JPM, spoke to CNBC this afternoon, saying that we are a “long distance from a normalized environment if you think about the charge-off rate.” “The housing market is a very complicated one,” Braunstein added. “It's still a very high rate of default and charge-offs.” Braunstein said that J.P. Morgan Chase continues to position itself to generate more income in a rising rate environment. “We make a conscious decision to forego net income,” Braunstein said. “We can afford to invest.” On the loan growth side, Braunstein said that the company saw some “very powerful trends. “Twelve consecutive months of loan growth yoy,” he said, adding that the improvements he's seeing in the consumer business are providing a positive indicator. “[There are] many things to worry about, but given the indicators, many things improved,” Braunstein said.