Finance
JPMorgan Falls as US Slowdown Weighs on Key Revenue Forecast
- Fixed-income, equity trading also fall short of expectations
- Bank cites ‘modest deterioration’ in macroeconomic outlook
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JPMorgan Chase & Co., the biggest US bank, said this year’s net interest income will be lower than analysts expected as the economy shows signs of slippage.
The stock fell after the company said NII, a major revenue source, will be about $73 billion this year, below the $74.4 billion estimate. The forecast followed a record haul of $20.2 billion from net interest income in the fourth quarter.