JPMorgan expects 2026 expenses of about $106B, $1B above prior guidance, and forecasts Q2 investment banking and trading revenues up 10% and 11%. Dimon reaffirmed $95B net interest income guidance, cited over-earning, signaled $10B–$20B for acquisitions and highlighted 1,000 AI use cases under development.
JPMorgan now projects 2026 operating expenses of about $106 billion, $1 billion more than the prior $105 billion estimate. The revision reflects stronger-than-expected trading and fee income performance, driving compensation and technology spend higher.
The bank forecasts second-quarter investment banking revenues to increase 10% year-over-year and trading revenues by 11%. Jamie Dimon reaffirmed net interest income guidance at $95 billion, noting that elevated interest margins continue to drive over-earning.
JPMorgan has identified $10 billion to $20 billion in potential deal deployment for strategic acquisitions. The firm is also developing 1,000 artificial intelligence use cases, with 50 to 60 classified as significant to enhance trading, risk management and client services.
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