JPMorgan Chase Chairman and CEO Jamie Dimon is interviewed by Bloomberg Television during the JPMorgan Global High Yield and Leveraged Finance Conference in Miami, Florida, U.S., on Monday, March 6, 2023.
Marco Bello | Bloomberg | Getty Images
JPMorgan The company raised a key performance target after the government-brokered takeover of First Republic earlier this month.
The New York-based lender said on Monday it will generate about $84 billion in net interest income this year. slideshow for all day investors promotion meeting.
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This is higher than $3 billion guide Given in April. At the time, JPMorgan raised its net interest income forecast by $7 billion, a move that spurred a jump in JPMorgan’s biggest earnings day in 20 years.
The bank added that “sources of uncertainty” around deposits and the economy could affect its forecasts. Net interest income is the difference between what banks earn from loans and investments and what they pay out to savers.
JPMorgan, the largest U.S. bank by assets, has been a beneficiary of recent regional banking turmoil. It was one of only a few banks to see deposits climb in the first quarter as panicked customers sought safety at large institutions; Customer push.
The bank also revealed on Monday that it expects spending to rise to $84.5 billion, unchanged from previous guidance, excluding the $3.5 billion cost of integrating First Republic.
Longtime JPMorgan CEO Jamie Dimon is expected to speak during a question-and-answer session at this afternoon’s investor day.
James Gorman, chief executive of rival Morgan Stanley, is likely to be asked about the U.S. debt ceiling talks and succession planning after he announced last week that he plans to step down within a year.
The story is developing. Please check for updates.