US Fed about-face has JPMorgan adjusting lending outlook down
JPMorgan joins rivals, including Wells Fargo, in cutting the outlook for traditional lending businesses that have benefited from higher rates
16 July 2019 - 17:04
New York — JPMorgan Chase was hit by the US Federal Reserve’s about-face on interest rates in the second quarter, warning that lending income will fall in the second half.
On Tuesday, the largest US bank cut its full-year outlook for net interest income (NII)— revenue from customers’ loan payments minus what the bank pays depositors — by $500m. NII accounted for about half the New York-based company’s revenue last year and has countered a slump in trading, which fell for a fourth straight period in the second quarter...
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