JPMorgan shares fall after cautious comments from President Pinto By Investing.com

Shares of JPMorgan Chase & Co (NYSE:) fell on Tuesday after the bank's President and COO Daniel Pinto made comments on the outlook for net interest income (NII).

According to Reuters, Pinto said market expectations for NII were “very high.” In response, JPMorgan shares fell more than 4%.

Speaking at a Barclays conference, Pinto noted that the U.S. economy and consumer sector continued to perform well and that the number of consumers taking out loans remained below pre-pandemic levels.

Pinto also highlighted growth opportunities in retail banking, particularly in the premium segment and auto loans. He stressed that wealth management is a key area of ​​the bank's overall retail banking strategy.

He also mentioned that the international retail business had grown better than expected and that there were plans to expand this segment to the rest of Europe in the long term.

Investments in human resources were also on the agenda. Pinto announced that the bank is hiring more bankers in corporate and investment banking. He forecast a solid quarter in investment banking and expected investment banking fees to increase by about 15% in the third quarter.

In addition, he described the development of the capital markets in the third quarter as very solid, but predicted that M&A volumes would stagnate.

Finally, Pinto addressed the financial outlook, saying that market revenues in the third quarter are expected to be flat or increase by about 2% year over year, but he also warned that expenses “could increase slightly.”