Profits soar at JPMorgan, Wells Fargo as they defy deposit pressures:
Net interest income rose sharply at Wells Fargo and especially JPMorgan Chase last quarter ...
americanbanker.com/news/profits-soar-at-jpmorgan-wells-fargo-as-they-defy-deposit-pressures
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Big Banks Thrive Amid Rising Interest Costs in Q3JPMorgan's net interest income rose 30% year over year in Q3, while Wells Fargo's increased by 8%, despite deposit cost pressures.
Key FactsOct 14, 2023 · Reading time: ~45 sec.
Summary created with AI assistance · Source: americanbanker.com
Summary created with AI assistance · Source: americanbanker.com
- JPMorgan Chase and Wells Fargo achieved significant growth in net interest income during Q3 despite rising deposit expenses.
- Higher loan interest rates outpaced deposit costs, driving substantial profit increases for both banks.
- Executives expressed doubt about the sustainability of this performance amid prolonged high interest rates.
- JPMorgan raised its 2023 net interest income forecast, while analysts predict pressure on regional banks next year.
Depending on what you believe about a soft landing, mild recession, no landing, you have slightly lower or slightly higher loan growth. But in any case, I would expect it to be relatively muted.— Jamie Dimon, CEO of JPMorgan Chase, said on a call with analysts.
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