JPMorgan Chase raised its projected 2026 expenses by $1 billion. CEO Jamie Dimon announced the new $106 billion spending target during a conference on Wednesday. This update increases the previous forecast of $105 billion.
Stronger performance in trading and fee-based revenues drove the higher cost guidance. Dimon projected an 11% rise in second-quarter markets revenue. Investment banking fees are expected to grow by 10%.
JPMorgan shares fell nearly 3% following the announcement. Investors prioritized the increased spending outlook over the positive revenue forecasts.