JP Morgan Chase (JPM) raised its revenue guidance by $3 billion, on Monday after it had already raised it by $7 billion last month. The giant bank has been flourishing while mid-sized banks collapsed in the recent past. It took over First Republic, earlier in May. JP Morgan revealed the rise in net interest income to about $84 billion in 2023 at a slide show during an all-day presentation for investors.
Although the banking industry faced turmoil earlier, large banks such as JP Morgan Chase, Wells Fargo, Citibank and other banks flourished as Americans flocked to these banks and parked their deposits. JP Morgan Chase also won the auction for First Republic. This acquisition is expected to increase its earnings as well as improve its expansion drive as it seeks to gain many more wealthy clients. The New York based bank is the biggest as well as the most profitable bank in the U.S.
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The Monday announcement also said that expenses would remain the same as per its previous guidance at $84.5 billion. This would not include the $3.5 billion it spent to acquire First Republic. It said that the bank is expected to improve its income “modestly” after the acquisition by roughly about $500 million in the next two years before factoring in restructuring costs.
Early on Monday, JP Morgan Chase stock’s rose by 1.2 percent but remained flat later in the day. It has gained 3 percent, to date in 2023. It is one of the few banks that has seen a year-to-date improvement.
Jamie Dimon is expected to be present at a question-and-answer session later today. He might face questions about the debt ceiling in the nation as well as his steps to name a successor as he has been the CEO of JPMorgan Chase for several years.
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