The largest U.S. lender expects its net interest income to rise to $84 billion from higher interest payments in 2023, increasing an earlier forecast of $81 billion, after itIntegration costs from the deal will add $3.5 billion to its expenses this year, adding to an earlier forecast of $81 billion. The Wall Street giant is in the process of integrating the regional lender, which will likely take about 12 months.
The bank failures revealed cracks in balance sheets as rising interest rates eroded values of debt portfolios and worsened commercial real estate loans. JP Morgan President and Chief Operating Officer Daniel Pinto said while the global economy is doing fine, it is showing some signs of deterioration.JPMorgan plans to modestly increase its branch footprint, said Jennifer Roberts, its CEO of consumer banking. The lender serves nearly 80 million customers and 5.7 million small businesses and is the first bank to have locations in all of the contiguous 48 U.S. states.