JPMorgan stock (NYSE: JPM) tanked nearly 5% on Tuesday after the bank's consumer banking chief warned that 2026 expenses will reach $105 billion. Wall Street wasn't pricing in this magnitude of expens... ...

US stocks were mixed on Tuesday as the Federal Reserve's December policy meeting kicked off and federal data showed job openings unexpectedly ticked higher even as layoffs jumped. The benchmark S&P 500 (^GSPC) closed just below the flatline. The tech-heavy Nasdaq Composite (^IXIC), which initially led stocks down, turned around to gain around 0.1%. The blue-chip Dow Jones Industrial Average (^DJI) declined 0.4%, dragged down by shares of JPMorgan (JPM). The stock fell over 4% after an executive warned th ...

本文源自：金融界AI电报 摩根大通的Marianne Lake表示，该行预计明年支出将达到1050亿美元，这一展望超过了分析师的预 期，导致其股价周二下跌。Lake周二在高盛集团的一次会议上表示，预期成本增长的最大驱动因素 是"与业务量和增长相关的支出"。她还提及战略投资和"通胀的结构性后果"。周二下午2点，摩根大通 股价下跌4.3%，至301.72美元，创下10月中旬以来的最大盘中跌幅，成为KBW银行指数中表现最差的 股票。 ...

JPMorgan analysts signaled on Tuesday that Bitcoin and other digital assets could have more room to run, despite fears sparked by the original cryptocurrency’s plunge over the last month. Although some onlookers may be convinced that crypto prices are primed for prolonged downturn following Bitcoin’s fall as low as $81,000 last month, the investment bank doesn’t foresee a so-called crypto winter brewing on the horizon. “The sell-off this past month triggered worries throughout crypto media and markets that ...

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Core Insights - JPMorgan's stock fell 4.65% following warnings from executive Marianne Lake about rising costs in 2026 due to competition in the credit card sector and investments in AI [1] - The bank's expenses are projected to reach $105 billion next year, with previous estimates for 2026 being considered low at $100 billion [2] - The largest contributors to expense growth will be related to growth and volume, including compensation and credit card marketing, as well as strategic investments in branches and AI [3][4] Expense Projections - JPMorgan is on track for expenses to total $96 billion in 2025 through the third quarter [2] - CEO Jamie Dimon emphasizes that long-term strategic investments should be viewed as investments rather than expenses, with $18 billion allocated for technology this year [6] - The bank anticipates structural inflation and real estate costs to further increase expenses [4] Consumer and Market Outlook - Lake noted that US consumers and small businesses appear resilient, but their spending capacity is diminishing after utilizing pandemic-era cash reserves [7] - The environment is described as "a little bit more fragile," with expectations of rising unemployment next year [8] - JPMorgan has lowered its credit card charge-off expectations to 3.3% for this year, projecting a rise to 3.6% or lower in 2026 [8] Investment Banking and Market Performance - Investment banking fees are expected to increase by "low single digits" in the fourth quarter compared to the previous year [9] - The markets business is projected to rise by "low teens" from the same period [9]

Core Insights - JPMorgan Chase has launched a new advisory team to support its $1.5 trillion national security initiative, featuring notable figures from the tech and defense sectors [1][3] - The initiative, named the Security and Resilience Initiative (SRI), will initially invest up to $10 billion in companies deemed critical to U.S. national security [2] - The advisory council will be chaired by Jamie Dimon and aims to foster growth and innovation in industries vital to national security and economic resilience [3] Advisory Council Composition - The council includes prominent business leaders such as Jeff Bezos, Michael Dell, and Jim Farley, who bring significant industry experience and insights [4][5][6] - Jeff Bezos has a history of collaboration with Dimon, including a previous health care venture with Warren Buffett [4] - Michael Dell has worked closely with JPMorgan on major financing deals, including a $67 billion acquisition of EMC [5] - Jim Farley has raised concerns about U.S. reliance on China for critical components, highlighting strategic vulnerabilities in the supply chain [6]

Summary of JPMorgan Chase Consumer and Community Banking Conference Call Company Overview - **Company**: JPMorgan Chase - **Business Segment**: Consumer and Community Banking (CCB) - **Customer Base**: Serves 86 million consumers and 7 million small businesses [1][4] Key Points on Consumer and Economic Outlook - **Consumer Health**: The U.S. consumer remains resilient with stable cash buffers and healthy spending metrics, despite concerns about the labor market and high price levels [4][5][7] - **Spending Trends**: There is a divergence in spending trends between high-income and low-income consumers, but overall spending growth appears normal [8][3] - **Economic Concerns**: The labor market is weakening, and consumer sentiment is low, which may impact future consumption [5][7] - **Delinquency Trends**: Early-stage delinquencies are stable, with improvements in credit metrics observed over the past ten months [9][10] Credit and Charge-Offs - **Charge-Off Expectations**: Charge-offs for credit cards are expected to be around 3.3% for the upcoming year, down from previous estimates due to a better macro environment [15][16] - **Auto Lending**: Auto delinquencies are normalizing, and the performance of recent vintages is improving [10][11] - **Small Business Lending**: No significant early delinquencies noted in small business lending, with businesses adjusting to tariff impacts [13] Financial Performance and Expenses - **Investment Banking Fees**: Fourth-quarter investment banking fees are expected to rise low single digits year-over-year, while market revenues are projected to increase low teens [19] - **Expense Outlook**: Total expenses for the firm are projected to be $105 billion for the next year, driven by growth-related expenses and strategic investments [21][22] - **Deposit Growth**: Deposit growth has been slower than anticipated, with stability expected through year-end due to yield-seeking behavior [27][29] Card Business Insights - **Card Growth**: The card business is on track to add approximately 10.5 million new accounts this year, with a successful refresh of the Chase Sapphire card contributing to growth [35][38] - **Profitability**: The profitability of the card business remains strong, with expectations for continued growth in annual fees [43] Competitive Landscape - **Market Competition**: The competitive environment remains robust, with traditional banks and fintechs actively pursuing growth [52][53] - **Bank Consolidation**: Regional bank consolidation is seen as a potential opportunity for JPMorgan Chase to enhance its consumer business [54] Regulatory and Capital Deployment - **Excess Capital**: JPMorgan Chase has excess capital and is hopeful for regulatory reforms that will allow for better capital deployment [69][70] - **Organic Growth Focus**: The company prioritizes organic growth over acquisitions, although it remains open to potential bolt-on acquisitions in areas like wealth management and commerce [76][77] Technology and Efficiency - **AI Integration**: AI is being leveraged to improve productivity and efficiency across operations, with expectations for significant gains in productivity over the next few years [62][64][66] Conclusion - **Long-Term Objectives**: JPMorgan Chase aims to maintain its market share goals in deposits, cards, and wealth management, despite competitive pressures and market fluctuations [56][59]

Core Insights - JPMorgan Chase anticipates a low-single digit percentage increase in investment banking revenue for the fourth quarter [1] - The company expects markets revenue to rise in the low-teens percentages during the same period [1] Investment Banking - Revenue growth in investment banking is projected to be in the low-single digit percentages for Q4 [1] Markets Revenue - Markets revenue is expected to increase in the low-teens percentages for Q4 [1]

Core Viewpoint - Passive income investors are encouraged to consider dividend exchange-traded funds (ETFs) for generating steady income alongside capital appreciation [1] Group 1: Dividend ETFs Overview - There are numerous dividend ETFs available, providing immediate diversification for investors [2] - JPMorgan and Invesco are highlighted as key players with top dividend ETFs, particularly focusing on two high-yield products [2] Group 2: J.P. Morgan Equity Premium Income ETF (JEPI) - JEPI has a 30-day SEC yield of 7.1%, significantly higher than the S&P 500's yield of 1.5% [3] - The ETF's net asset value (NAV) is $57.15, with an approximate 8% increase year-to-date [3] - JEPI utilizes equity-linked notes and generates income by selling call options on its holdings, allowing for a higher yield [4] - The ETF consists of 125 holdings, with top 10 stocks including major companies like NVIDIA, Amazon, and Microsoft, collectively making up 15.80% of the portfolio [4] Group 3: Performance and Comparison - An investment of $10,000 in JEPI in 2020 is projected to grow to $17,193 by 2025, with a low expense ratio of 0.35% [5] - JEPI offers a 7.1% yield through call options and has returned 72% since 2020, compared to SPHD's 129% return since 2015, with lower volatility [6] - Sector allocations for JEPI include Information Technology (16.2%), Financials (11.4%), Industrials (11.7%), Other (14.9%), and Healthcare (12.2%) [7]