Daniel Pinto, JPMorgan’s chief executive of corporate and investment bank.
Simon Dawson | Bloomberg | Getty Images
JPMorgan Chase shares fell 7% Tuesday after the bank’s president told analysts that expectations for net interest income were too optimistic.
The current estimate for NII — one of the main ways that banks earn money — of $89.5 billion is too high given expectations for interest rates, JPMorgan president Daniel Pinto told an audience at a financial conference.
The figure “will be lower,” he said.
The move was the New York-based bank’s worst drop since June 2020, according to FactSet.
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