February 27, 2024 14:22 GMT
JPM CFO Headlines: Weak IB Revenues, Solid Credit
FINANCIALS
JPMorgan CFO (JPM US) speaking at a conference, looks minor negative for the major IBs (MS, GS) but more credit neutral around CRE:
- Board is taking succession very seriously.
- Doesn't expect office loan space within commercial real estate to get better any time soon.
- Says we don't have large concerns around multi-family loans in New York portfolio.
- Expects card loan growth to be less robust than last year at 12%.
- Expects deposit migration to money market funds to continue.
- Expects investment banking fees to rise in low-to-mid teens percentage in 1Q.
- Says IPO market is a bit weaker than expected.
- Sees trading revenue declining 5%-10% in 1Q versus strong quarter last year.
Keep reading...Show less
112 words