JPMorgan Chase shares plummeted after the bank said estimates for net interest income next year were too high.
JPMorgan Chase shares fell 5% on Tuesday after the bank's president told analysts that expectations for net interest income and expenses in 2025 were too optimistic.
While the bank expects to be in the "ballpark" of the 2024 target for NII of about $91.5 billion, the current estimate for next year of about $90 billion "is not very reasonable" because the Federal Reserve will cut interest rates, JPMorgan PresidentShares of the New York-based bank dropped more than 7% earlier in the session for the worst decline since June 2020, according to FactSet.and made more loans than expected.
"Clearly, as rates go lower, you have less pressure on repricing of deposits," Pinto said. "But as you know, we are quite asset sensitive."
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