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JPMorgan Chase CEO Jamie Dimon in Paris, France, May 15 2025. Picture: MICHEL EULER/REUTERS
JPMorgan Chase CEO Jamie Dimon in Paris, France, May 15 2025. Picture: MICHEL EULER/REUTERS

New York — JPMorgan Chase said on Monday it could earn more from interest payments this year despite significant economic uncertainty.

CFO Jeremy Barnum told investors net interest income — the difference between what the bank pays customers on deposits and earns from interest payments — could rise by $1bn this year.

Still, the biggest US lender said it was too early to change its net interest income outlook of $94.5bn for the full year. It also maintained its expense forecast for 2025, and said it was asking managers to keep a lid on headcount.

The bank’s shares were down about 1% in premarket trading.

“The evolving tariff environment, combined with the pre-existing geopolitical tensions, adds significant uncertainty into the economic outlook,” Barnum told shareholders and analysts gathered at the bank’s New York headquarters for an annual presentation.

“The combination of inflation and large fiscal deficits may constrain the available policy responses in ways that further increase the risk.”

Separately, he said the cash-flush bank was open to acquisitions, or “inorganic growth”. The largest US lender would be “appropriately cautious” with any acquisitions, because of the challenges of integrating businesses, Barnum said.

Credit card repayments still remained high, but were likely to “normalise” in 2026 as consumers fall behind on payments, Barnum said.

The bank estimated its net charge-off rate, or the percentage of credit card debt that will not be repaid, to be between 3.6% and 3.9% for 2026. That is higher than the 3.6% net charge-off rate the bank is expecting this year.

Though trade negotiations have helped ease some jitters, corporate executives remain wary about the economic outlook, with JPMorgan CEO Jamie Dimon warning last week that a recession could not be ruled out.

Dimon could also be asked to share his views on the widening fiscal deficits in the US, especially after Moody’s downgraded the country’s sovereign credit rating on Friday due to concerns about its $36-trillion debt pile.

He has consistently expressed worries that the deficits were not sustainable and could pose serious risks to the health of the US economy.

Several top executives were expected to join Dimon to outline the bank’s strategy during the investor presentation. Dimon has run JPMorgan for more than 19 years, outlasting many other CEOs. He said at last year’s investor day that the succession timeline was “not five years any more.

Troy Rohrbaugh and Doug Petno, the co-CEOs of JPMorgan’s commercial and investment bank, are candidates for the top job. Marianne Lake, CEO of consumer and community banking, and Mary Erdoes, CEO of asset and wealth management, are also in the running.

Reuters 

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