“We expect to have choices about the service model, which may result in higher expense, all else equal.”īarnum added that if expenses are higher, they will also come with additional revenue. “We’re currently assuming that about half of the integration expense will be incurred this year as we continue integrating the First Republic franchise,” said Jeremy Barnum, chief financial officer at JPMorgan, speaking at the annual Investor Day, according to a FactSet transcript. The banking giant also said it still expects total integration costs associated with the purchase of First Republic’s assets and the assumption of its deposits and certain liabilities to be about $3.5 billion. Fell 0.8% in Monday afternoon trading, to reverse an earlier intraday gain of as much as 1.8%.
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