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EQUITIES: JP Morgan Shares Slide on Downbeat View for 2025 Expenses, NII

EQUITIES
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Slide in JP Morgan shares (as flagged by BBG here as being the sharpest daily drop since mid-COVID) triggered by the appearance at a conference today from COO Pinto - who flagged the over-optimism of analysts over both expenses and net interest income for the coming year - and painted a more downbeat view for a rise in both IB fees as well as markets revenue.

  • As a result, financials sector is among the poorest performers in the S&P 500, with JPM weakness dragging peers Goldman Sachs, Citi, Bank of America lower by 2% or more today.
  • Energy the only sector to underperform financials at typing - with the slide in both WTI and Brent crude futures prices dragging on the biggest names, including ExxonMobil (-2.3%) and Chevron (-1.4%).
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Slide in JP Morgan shares (as flagged by BBG here as being the sharpest daily drop since mid-COVID) triggered by the appearance at a conference today from COO Pinto - who flagged the over-optimism of analysts over both expenses and net interest income for the coming year - and painted a more downbeat view for a rise in both IB fees as well as markets revenue.

  • As a result, financials sector is among the poorest performers in the S&P 500, with JPM weakness dragging peers Goldman Sachs, Citi, Bank of America lower by 2% or more today.
  • Energy the only sector to underperform financials at typing - with the slide in both WTI and Brent crude futures prices dragging on the biggest names, including ExxonMobil (-2.3%) and Chevron (-1.4%).