JPMorgan Drops as Bank Warns of Higher-Than-Expected Costs

JPMorgan Chase & Co.’s Marianne Lake said the bank anticipates spending $105 billion next year, an outlook that surpasses analyst estimates and sent shares falling Tuesday.

The biggest driver of the expected cost growth is “volume- and growth-related expenses,” Lake said Tuesday at a Goldman Sachs Group Inc. conference. She also pointed to strategic investments and the “structural consequence of inflation.”