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JPM Upgrade Headlines: Positive But Predictable. Good For US Banks.

FINANCIALS

JPM headlines rolling (JPM: A1/A- pos/AA-) from new fixed income investor slides on the website: not hugely surprising but positive for all the major US banks, we feel.


  • JPMORGAN SEES FY NII EX-CIB MARKETS ABOUT $91B, SAW ABOUT $89B
  • JPMORGAN SEES FY ADJ. EXPENSE ABOUT $92B, SAW ABOUT $91B
  • JPM: TAILWINDS FROM 2023 LIKELY TURNING INTO HEADWINDS
  • JPMORGAN SEES FY NET INTEREST INCOME ABOUT $91B, SAW ABOUT $90B
  • Appears a c.1% upgrade to NII expectations – comment about headwinds is nothing new but this starts to formalise the obvious for US banks that Fed rate cuts being pushed out in time, marginally improves this year’s revenue outlook. Positive for most of the major US banks.

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