JPMorgan Chase shares drop nearly 7% after bank tempers guidance on net interest income

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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