JPMorgan interest income view falls short of expectations

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JPMorgan Chase & Co. JPM, -6.15% shares fell 3% in premarket trades on Friday on the heels of its fourth-quarter profit update and guidance for 2022. The bank expects 2022 net interest income of about $50 billion, which is below the latest target of $55.7 billion in a survey of analysts by FactSet. JPMorgan Chase also expects about $77 billion in adjusted noninterest expense, up from $70.9 billion in 2021. The bank expects return on average tangible common shareholders’ equity, or ROTCE, of 17%, “despite short-term headwinds” including a continued low-rate environment, sharper normalization in markets and inflationary pressure on expenses, the bank said.

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