US credit card execs eye sunny days
For the first time in years, US credit card executives are looking beyond the losses of the financial crisis — and they’re even losing less sleep over the prospect of tighter government oversight.business Updated: May 04, 2011 21:26 IST
For the first time in years, US credit card executives are looking beyond the losses of the financial crisis — and they’re even losing less sleep over the prospect of tighter government oversight.
Losses from credit defaults keep falling, an explosion in smartphone payment systems and other technology has raised the prospect of new long-term revenue growth, and executives now believe they can mitigate the effects of a massive two-year overhaul of the US credit card industry.
“I am optimistic ... Nothing has been done that can't be rolled back quickly,” said Stephen Eulie, credit card executive.
Eulie, who has worked at JPMorgan Chase & Co and Citigroup Inc, is now the head of First National Bank of Omaha's card unit, which runs credit card programs for companies, including Chrysler Group LLC.
He spoke last week on the sidelines of an annual credit card industry conference hosted by the publisher, SourceMedia. Much of the conference was dominated by discussion about new regulation.