2026년 2월 24일 · Unknown · financial · 출처 Seeking Alpha
[JP Morgan Chase & Co. Headquarters sign, Park Ave, NYC]
JayLazarin/iStock Unreleased via Getty Images
JPMorgan Chase is “cautiously optimistic” about its 2026 prospects, JPMorgan Chase (JPM [https://seekingalpha.com/symbol/JPM]) Chief Financial Officer said on Monday during its investor update. The macro backdrop remains supportive, and the consumer remains resilient, he added.
The company expects card loan growth of ~6% and expects retail deposit growth to resume in 2026, due to underlying customer growth and a reduction in yield-seeking behavior, he said. 2026 deposit growth is expected to be in the low-to-mid-single-digit range.
JPMorgan's (JPM [https://seekingalpha.com/symbol/JPM]) markets franchise is positioned for further growth opportunities. Its outlook for Markets NII is ~$9.5B in 2026, up from $3.3B in 2025, with much of that improvement coming from rates and augmented by its balance sheet mix and loans/cash financing.
The company expects $105B in adjusted expenses in 2026, up 9% Y/Y, with 160 new branches this year accounting for a significant amount of the increase. Spending related to volume and revenue also accounts for a large amount of its expense increase.
Technology is another key expense driver. It expects 2026 technology expenses of about $19.8B. The $1.9B Y/Y increase consists of $0.8B from price increases, $0.4B for volume and feature demand, $1.2B in investments, and efficiencies of $0.6B.
"Investment in data and technology are delivering benefits from AI, which will ultimately accrue to our customers and clients," Barnum said.
"We are probably past the point of peak modernization," he noted.
The company's 17% through-the-cycle return on tangible common equity "is not aspirational," Barnum said, and is achievable through a range of economic scenarios.
MORE ON JPMORGAN CHASE
* JPMorgan Chase: Common And Preferred Shares Diverge In 2026 [https://seekingalpha.com/article/4871722-jpmorgan-chase-common-and-preferred-shares-diverge-in-2026]
* JPMorgan Chase & Co. (JPM) Presents at UBS Financial Services Conference 2026 Transcript [https://seekingalpha.com/article/4868212-jpmorgan-chase-and-co-jpm-presents-at-ubs-financial-services-conference-2026-transcript]
* JPMorgan: An Attractive Long-Term Idea For Income And Capital Gains [https://seekingalpha.com/article/4867340-jpmorgan-an-attractive-long-term-idea-for-income-and-capital-gains]
* JPMorgan Chase nudges up 2026 firmwide net interest income outlook to $104.5B [https://seekingalpha.com/news/4555446-jpmorgan-chase-nudges-up-2026-firmwide-net-interest-income-outlook-to-1045b]
* JPMorgan's $2B-a-week spending plan in focus at investor event - report [https://seekingalpha.com/news/4555008-jpmorgan-company-update-investor-event-preview]