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JPMorgan Slips After Cutting Net Interest Income Outlook

Pedestrians pass in front of a JPMorgan Chase & Co. bank branch in New York. — Pedestrians pass in front of a JPMorgan Chase & Co. bank branch in New York.
Photographer: Victor J. Blue/Bloomberg

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July 16, 2019, 11:05 AM UTC

JPMorgan Chase & Co.’s shares are slipping about 1.7% in pre-market trading after the bank cut its net interest income, or NII, view. JPMorgan now sees year NII of about $57.5 billion; previously, it saw at least $58 billion.

After Citigroup Inc.’s net interest margin missed estimates on Monday, analysts had worried about other banks’ results. Evercore ISI’s Glenn Schorr told investors not to have a “false sense of security for the lower NII adjustments coming for the rest of the group.” Goldman Sachs Group Inc. and Wells Fargo & Co. are due to report Tuesday morning as well.