JPMorgan Chase's (JPM 1.82%) has been enjoying a solid 2025, with the share price up an impressive 31% this year through Monday of this week (Dec. 8). But on Tuesday, the bank's shares tumbled almost 4%, a steep drop in just one trading day.
The plunge was the result of remarks made by Marianne Lake, JPMorgan's CEO of Consumer & Community Banking and a member of the bank's Operating Committee, at a financial services conference hosted by rival Goldman Sachs.
NYSE: JPM
Key Data Points
Lake told attendees that the bank expects higher-than-projected expenses in 2026. She said expenses will likely hit $105 billion next year, about 9% higher than 2025 and $4 billion above the average outlook of $101 billion. Lake said that things like employee compensation, marketing, new branches, and investments in artificial intelligence (AI) are driving costs higher.
Customers look a bit more fragile suddenly
Lake also told the conference that, while consumers and small businesses that her division serves continue to look healthy, there is "a little bit more fragile" environment right now and perhaps less capacity for these customers to deal with added financial stresses.
Image source: Getty Images.
As for investment banking fees, Lake said they could see growth in the low single digits in the fourth quarter, which sounds lower than the 6% or more analysts have been expecting.
JPMorgan stock has climbed over the past three years, more than doubling since December 2022. Hopefully for the company's shareholders, this latest setback is just a blip.
