FRC Stock Recent News
FRC LATEST HEADLINES
JPMorgan Chase & Co (NYSE:JPM) has upped its annual forecast for net interest income following its acquisition of failed lender First Republic Bank (NYSE:FRC). The New York City-based banking giant said that its net interest income will rise $3 billion as it brings in more in interest payments from its purchase of First Republic Bank (NYSE:FRC) this year, according to a JPMorgan presentation for investor day on Monday.
Interactive Brokers Chief Strategist Steve Sosnick joins Yahoo Finance Live anchors Julie Hyman and Brad Smith to discuss JPMorgan raising it's revenue target as a result of receiving more net interest income amid its acquisition of First Republic Bank.
JPMorgan raised its 2023 outlook for its net interest income from $81 billion to $84 billion. The bank cited its takeover of First Republic, but added that "sources of uncertainty remain.
JP Morgan Chase & Co. JPM, -0.23% raised its net interest income guidance on Monday by $3 billion to reflect the bump it will get from its takeover of First Republic Bank. The bank is now expecting its 2023 net interest income to come to $84 billion, up from $81 billion forecast in April.
The bank is already seeing potential upside to its deal for the troubled lender, ahead of its investor day.
JPMorgan Chase & Co executives will update investors on its takeover of failed First Republic Bank, which has made the biggest U.S. bank even bigger.
JPMorgan Chase & Co on Monday forecast full-year net interest income, excluding markets outlook, will increase to about $84 billion due to its acquisition of First Republic's assets.
JPMorgan Chase bought the San Francisco-based First Republic Bank on May 1 after it failed. The Wall Street Journal reported that it wants to retain a hands-on approach to wealth management.
City pension funds had almost $2 million invested with First Republic Bank and Signature Bank -- all of which was lost when the banks failed this year.
As JPMorgan Chase & Co CEO Jamie Dimon prepares to take the stage for the bank's investor day on Monday, he can expect plenty of questions about the bank's purchase of failed First Republic Bank, as well as about succession, following James Gorman's plan to step down as Morgan Stanley CEO.