JPMorgan Chase (JPM) shares slipped over 4% on Tuesday after the bank’s head of consumer and community banking characterized the current economic environment as being “a little more fragile” while speaking at the Goldman Sachs 2025 Financial Services Conference.
Marianne Lake, CEO of Consumer & Community Banking at JPMorgan Chase, also stated that the bank sees full-year 2026 expenses at $105B. According to Bloomberg data, the estimate for JPMorgan’s total non-interest expense is $101B for 2026.
The bank sees fourth-quarter markets revenue rising in the low teens year-on-year and investment banking fees increasing in the low single digits year-on-year, she highlighted.
Lake also warned that people have been spending more than they earn. As a result, cash buffers are declining, giving consumers reduced capacity to withstand stress.
Shares of other Wall Street giants like Bank of America (BAC), Wells Fargo & Company (WFC) and Citigroup (C) also traded in the red.