JPMorgan Chase raises key revenue target to $84 billion after First Republic takeover

JPMorgan Chase raised a cardinal show people connected the heels of its government-brokered takeover of First Republic earlier this month.

The slope volition make astir $84 cardinal successful nett involvement income this year, the New York-based slope said Monday successful slides for an all-day capitalist presentation.

That's $3 cardinal higher than guidance fixed successful April. At the time, JPMorgan raised its nett involvement income outlook by $7 billion, a determination that spurred JPMorgan's biggest earnings-day stock bump successful 20 years.

The slope added that "sources of uncertainty" astir deposits and the system could interaction its forecast. Net involvement income is the quality betwixt what banks gain from loans and investments and what they wage to depositors.

JPMorgan, the biggest U.S. slope by assets, has emerged arsenic a beneficiary of the caller determination banking tumult. It was 1 of the lone banks to spot deposits ascent successful the archetypal 4th arsenic panicked customers sought information astatine large institutions; past it won a play auction for First Republic, a determination expected to boost net and beforehand its propulsion for affluent clients.

The slope connected Monday besides disclosed expectations that expenses would emergence to $84.5 billion, unchanged from erstwhile guidance, excluding $3.5 cardinal successful costs to integrate First Republic.  

Longtime JPMorgan CEO Jamie Dimon is expected to talk successful a question-and-answer league astatine the capitalist time this afternoon.

He volition apt beryllium asked astir the U.S. debt ceiling negotiations, arsenic good arsenic succession readying aft rival CEO James Gorman of Morgan Stanley past week announced his plans to measurement down wrong a year.

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