The current NII estimate of $89.5 billion is “not very reasonable” given interest-rate expectations, Pinto said at the Barclays annual financial services conference Tuesday. The figure “will be lower,” he said, which is surprising because the bank’s own latest outlook just two months ago forecast $91 billion in net interest income.
Pinto also said third-quarter investment-banking fees could rise 15%, while markets revenue could rise 2% — both also below what analysts had been anticipating.Pinto’s comments follow similar downbeat guidance from Goldman Sachs CEO David Solomon who warned yesterday that his firm’s third-quarter trading revenue could fall 10%.As Bloomberg notes, Pinto has been sole president of JPMorgan for almost three years, and CEO Jamie Dimon has repeatedly said Pinto is ready to take over in case of an emergency or accelerated handoff. Earlier this year, Pinto ceded day-to-day control of the firm’s Wall Street operations to Jenn Piepszak and Troy Rohrbaugh as part of a shakeup to add to the experience of other potential CEO candidates.More By This Author:General Mayhem
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