JPMorgan CEO is 'cautiously pessimistic' as risks temper higher interest income
NEW YORK -JPMorgan Chase predicted it would earn more income from elevated U.S. interest rates despite uncertainty hanging over the economy, executives said at the bank's investor day on Monday.
Dimon, 68, who has run JPMorgan for more than 18 years, outlasting many other CEOs in the banking industry, also spoke about the succession timeline. In previous years, Dimon had answered questions about his plans by saying he would stay five more years. The NII guidance"reaffirms JPM's positioning as a continued beneficiary from higher for longer and will be viewed positively for the stock," even though it was expected by some investors, Ebrahim Poonawala, a banking analyst at Bank of America, wrote in a note.
"If you're going to be a global investor today, you have to have on-the-ground research in China," asset and wealth management CEO Erdoes said. Some of that budget is focused on artificial intelligence, or AI, which Dimon has previously said could be as transformative as the steam engine, electricity or the internet.AI use cases represent a value of about $1 billion to $1.5 billion, Pinto said.
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