Bloomberg the Company

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

JPMorgan CFO Says $27 Billion Profit Outlook Isn’t Target

Don't Miss Out —
Follow us on:

March 7 (Bloomberg) -- JPMorgan Chase & Co. Chief Financial Officer Marianne Lake said the $27 billion profit outlook the bank laid out at an investor conference last month wasn’t a target and the firm can earn more than that.

“That’s not a forecast, that’s not a budget, it’s a simulation, and it was really predicated only on those things that we’re really certain of,” Lake said today in a Bloomberg Television interview with Stephanie Ruhle and Erik Schatzker. “I think there’s every reason to believe that it’s biased to the conservative.”

The $27 billion outlook compares with net income of $17.9 billion last year and $21.3 billion in 2012. At the firm’s investor day in 2013, JPMorgan presented a scenario in which earnings could increase to $27.5 billion, while saying its target was $24 billion.

This year’s outlook only factored in the impact of higher interest rates and investments the firm has made in its business over the past few years, Lake said. It didn’t include higher trading revenue, even as the bank “absolutely expects” that business to grow over the next five years, she said.

Lake also said that rising costs from regulation will be “somewhat permanent.” Still, JPMorgan holds the “best hand” among large banks and will continue to outperform rivals, according to Lake. She declined to forecast the maximum the bank could earn in the next few years.

To contact the reporter on this story: Michael J. Moore in New York at

To contact the editors responsible for this story: Peter Eichenbaum at Steve Dickson