JPMorgan to spend $15.7B on new initiatives

 

JPMorgan Chase will increase its investments by $2B ($15.7B) in 2023, which would involve investing in technology, marketing, and employment, of which $800M will go to the consumer and community division.  Despite certain risks, the bank anticipates net interest income in the mid-$70B range. Following the purchase of First Republic, JPMorgan increased its 2023 estimate for net interest income from $81B to around $84B. At the end of March, JPMorgan's deposits stood at $2.3T, a marginal decline from the previous year. Jamie Dimon, the CEO, issued a warning about future interest rate increases, speculating that bond rates would reach 4.25%, 4.5%, or possibly higher. The bank predicts that system-wide deposits at U.S. banks will decrease as the Federal Reserve tightens monetary policy and investors look for higher rates.