Daniel Pinto, president and chief operating officer of JPMorgan Chase, speaks during the Semafor 2024 World Economy Summit in Washington, DC, on April 18, 2024.
JPMorgan Chase shares fell 7% Tuesday after the bank's president told analysts that expectations for net interest income and expenses in 2025 were too optimistic.
"I think that that number will be lower," Pinto said.
When interest rates decline, new loans made by the bank and new bonds it purchases will yield less.
When it comes to trading, JPMorgan said it expects third-quarter revenue to be flat to up about 2% from a year ago, while investment banking fees are headed for a 15% jump.
Persons:
Daniel Pinto, JPMorgan Chase, Pinto, Goldman Sachs
Organizations:
JPMorgan, Summit, JPMorgan Chase, Federal Reserve
Locations:
Washington ,, New York, NII