{"id":1489035,"date":"2024-09-10T15:17:30","date_gmt":"2024-09-10T19:17:30","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1489035"},"modified":"2024-09-10T15:17:30","modified_gmt":"2024-09-10T19:17:30","slug":"jpmorgan-tumbles-after-banks-president-says-analysts-are-too-optimistic","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/jpmorgan-tumbles-after-banks-president-says-analysts-are-too-optimistic\/1489035\/","title":{"rendered":"JPMorgan Tumbles After Bank&#8217;s President Says Analysts Are &#8220;Too Optimistic&#8221;"},"content":{"rendered":"<p><span class=\"field field--name-title field--type-string field--label-hidden\">JPMorgan Tumbles After Bank&#8217;s President Says Analysts Are &#8220;Too Optimistic&#8221;<\/span><\/p>\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>The stock of the largest US bank is tumbling this morning after Daniel Pinto, JPMorgan&#8217;s president, said that analysts were too optimistic in projecting next year\u2019s expenses and net interest income, sending the shares down more than 6%, and tumbling to 1 month lows..<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/JPM%20tumbling.jpg?itok=mP4ycU3I\"><\/a><\/p>\n<p>The current NII estimate of $89.5 billion is \u201cnot very reasonable\u201d given interest-rate expectations, Pinto said at the Barclays annual financial services conference Tuesday. The figure \u201cwill be lower,\u201d he said, which is surprising <a href=\"https:\/\/www.zerohedge.com\/markets\/jpm-reports-record-quarterly-income-due-surge-one-time-items-unexpectedly-boosts-loan-loss\">because the bank&#8217;s own latest outlook just two months ago forecast <\/a><strong>$91 billion in net interest income.<\/strong><\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/jpm%20outlook%20q2%2024_0.jpg?itok=Z029rSIo\"><\/a><\/p>\n<p>Pinto also said third-quarter investment-banking fees could rise 15%, while markets revenue could rise 2% \u2014 both also below what analysts had been anticipating.<\/p>\n<p>Pinto\u2019s comments follow similar downbeat guidance from Goldman Sachs CEO David Solomon who <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-09\/goldman-trading-set-to-fall-more-than-estimates-with-10-slide\">warned yesterday <\/a>that his firm\u2019s third-quarter trading revenue could fall 10%.<\/p>\n<p>As Bloomberg notes, Pinto has been sole president of JPMorgan for almost three years, and CEO Jamie Dimon\u00a0has repeatedly said Pinto is ready to take over in case of an emergency or accelerated handoff. Earlier this year, Pinto ceded day-to-day control of the firm\u2019s Wall Street operations to\u00a0Jenn Piepszak\u00a0and\u00a0Troy Rohrbaugh\u00a0as part of a shakeup to add to the experience of other potential CEO candidates.<\/p>\n<\/div>\n<p>      <span class=\"field field--name-uid field--type-entity-reference field--label-hidden\"><a title=\"View user profile.\" href=\"https:\/\/cms.zerohedge.com\/users\/tyler-durden\" class=\"username\">Tyler Durden<\/a><\/span><br \/>\n<span class=\"field field--name-created field--type-created field--label-hidden\">Tue, 09\/10\/2024 &#8211; 11:17<\/span><\/p>\n<p>\u200b<a href=\"https:\/\/www.zerohedge.com\/markets\/jpmorgan-tumbles-after-banks-president-says-analysts-are-too-optimistic\" target=\"_blank\" class=\"\" rel=\"noopener\">https:\/\/www.zerohedge.com\/markets\/jpmorgan-tumbles-after-banks-president-says-analysts-are-too-optimistic<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JPMorgan Tumbles After Bank&#8217;s President Says Analysts Are &#8220;Too Optimistic&#8221; The stock of the largest US bank is tumbling this morning after Daniel Pinto, JPMorgan&#8217;s&#8230;<\/p>\n","protected":false},"author":0,"featured_media":1489036,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1489035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-6fmH","jetpack_featured_media_url":"https:\/\/bugaluu.com\/news\/wp-content\/uploads\/sites\/3\/2024\/09\/JPM20tumbling-IjWyOv.jpeg","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1489035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1489035"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1489035\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1489036"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1489035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1489035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1489035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}