- JPMorgan Chase will generate about $84 billion in net interest income this year, the New York-based bank said Monday in slides for an all-day investor presentation.
- That's $3 billion higher than guidance given in April, when JPMorgan raised its net interest income outlook by $7 billion.
- Longtime JPMorgan CEO Jamie Dimon is expected to speak in a question-and-answer session this afternoon.
That's $3 billion higher than guidance given in April. At the time, JPMorgan raised its net interest income outlook by $7 billion, a move that spurred JPMorgan's biggest earnings day stock bump in 20 years.
The bank added that "sources of uncertainty" around deposits and the economy could impact its forecast. Net interest income is the difference between what banks earn from loans and investments and what they pay to depositors.
JPMorgan, the biggest U.S. bank by assets, has emerged as a beneficiary of the recent regional banking tumult. It was one of the only banks to see deposits climb in the first quarter as panicked customers sought safety at big institutions; then it won a weekend auction for First Republic, a move expected to boost earnings and advance its push for wealthy clients.
The bank on Monday also disclosed expectations that expenses would rise to $84.5 billion, unchanged from previous guidance, excluding $3.5 billion in costs to integrate First Republic. About half of those integration expenses will be recognized this year, CFO Jeremy Barnum said Monday.
Trading and investment banking revenue in the second quarter is headed for a 15% decline compared with the year-earlier period, the bank said.
Longtime JPMorgan CEO Jamie Dimon wrapped up the event with a question-and-answer session.
Dimon deflected the question, saying that his plans hadn't changed.
"I can't do this forever, I know that," Dimon said. "But my intensity is the same. I think when I don't have that kind of intensity, I should leave."