JPMorgan CEO Jamie Dimon warns of more financial system issues after revealing missteps at his firm. The company took a $170 million hit related to Tricolor. Fifth Third Bancorp and Barclays also disclosed $178 million and $147 million impairments tied to Tricolor. Regional banks like First Citizens Bancshares and South State saw charge-offs linked to First Brands of $82 million and $32.2 million. European banks BNP Paribas and HSBC each wrote down $100 million or more in loan exposure. Federal Reserve Chair Jerome Powell says subprime auto loan market issues don’t yet pose a broader credit problem. The Fed lowers interest rates by another 0.25% amid economic concerns. Overall, large banks report strong earnings, but some cracks remain in the loan book. Wall Street and the Fed are wary of growing exposure to non-bank financial institutions, including subprime lenders and fintech firms. Moody’s warns of potential asset-quality deterioration as US banks experience rapid loan growth.

Read more at Yahoo Finance: Jamie Dimon warned of ‘cockroaches’ in the financial system. Fed Chair Powell doesn’t see a ‘broader’ problem.