JPMorgan expects higher than expected 2026 expenses

Dec 9 (Reuters) - JPMorgan Chase (JPM.N), expects expenses to climb to about $105 billion in 2026, driven largely by growth and volume related costs, consumer and community banking chief Marianne Lake said on Tuesday.

Speaking at the Goldman Sachs Financial Services Conference in New York, Lake said strategic investments would be the second-biggest contributor to higher expenses, with the consumer and community banking unit accounting for a big part of that expense growth.

Analysts, on average, expect JPMorgan’s expenses to total $100.84 billion next year, according to LSEG data.

Shares of JPMorgan fell 4.3%, putting the stock on track for its biggest one-day drop since April 4.

Lake said investment banking revenue is expected to be up by the low-single digit percentages in the fourth quarter, while it expects markets revenue to be up in the low-teens percentages in the fourth quarter.

She said the environment was more constructive for bank M&A than it had been.

Reporting by Prakhar Srivastava in Bengaluru and Lananh Nguyen and Tatiana Bautzer in New York; Editing by Chris Reese and Nick Zieminski

Reuters

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JPMorgan expects higher than expected 2026 expenses

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