Jamie Dimon cites higher compensation costs and revenue growth as JPMorgan raises 2026 expense forecast to $106 billion.
JPMorgan (JPM) CEO Jamie Dimon said the bank now expects 2026 expenses to reach $106 billion, up $1 billion from prior projections, driven by higher compensation and strong performance. The increase reflects robust trading and investment banking activity, with revenues expected to climb 10% and 11% in Q2, respectively, compared to the year-ago period.
Dimon described Wall Street clients as “gung ho” but warned of historical market exuberance, citing parallels to 1972, 1986, 2000, and 2007. The bank’s revised expense outlook follows a 7% decline in JPMorgan shares year-to-date, though the stock pared losses after initial reactions.
The CEO noted that fee growth, particularly in trading, has exceeded expectations, contributing to the higher expense forecast. Compensation remains a key driver, signaling another strong year for Wall Street pay.