JPMorgan reported its highest quarterly net interest income ever and raised its guidance for the year as the biggest U.S. bank reaps rewards from the U.S. Federal Reserve’s interest-rate hikes.
JPMorgan Chase & Co. reported its highest quarterly net interest income ever and raised its guidance for the year as the biggest U.S. bank reaps rewards from the Federal Reserve’s interest-rate hikes.
Investors are scouring Friday’s results for four of the biggest U.S. banks for clues on how consumers and companies are faring as interest rates rise and recession threats mount. Wells Fargo & Co., Citigroup Inc. and Morgan Stanley also report third-quarter results Friday, with Bank of America Corp. and Goldman Sachs Group Inc. up next week.
JPMorgan raised its guidance for this year’s NII excluding its markets business, saying it now expects about US$61.5 billion. The firm said in July it would pull in at least US$58 billion from that source.
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