JPMorgan boosts interest outlook on First Republic deal

BLOOMBERG 

JPMorgan Chase & Co boosted its outlook for the boon from higher interest rates after its purchase of First Republic Bank.
The biggest US bank raised its guidance for net interest income this year to $84 billion, excluding its trading business, up from a previous forecast of $81 billion, according to an Investor Day presentation on its website. The lender said several “sources of uncertainty remain,” including the Federal Reserve’s plans and how consumers react to higher rates.
JPMorgan bought First Republic Bank after it became the second-largest bank failure in US history and the fourth regional bank collapse this year. Dimon, the only major bank chief executive officer from the financial crisis still in command, said that “we need to finish the bank crisis” and regulators should “not be surprised constantly.”
The biggest banks have been largely immune to problems plaguing their smaller rivals, with JPMorgan reporting a surprise jump in deposits in Q1 as customers sought safety.