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JPMorgan Chase raises key revenue target to $84 billion after First Republic takeover



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Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., during a Bloomberg Television interview at the JPMorgan Global High Yield and Leveraged Finance Conference in Miami, Florida, US, on Monday, March 6, 2023.Marco Bello | Bloomberg | Getty ImagesJPMorgan Chase raised a key performance target on the heels of its government-brokered takeover of First Republic earlier this month.The bank will generate about $84 billion in net interest income this year, New York-based JPMorgan said Monday in slides for an all-day investor presentation.That’s $3 billion higher than guidance given in April. At the time, JPMorgan raised its net interest income outlook by $7 billion, a move that spurred JPMorgan’s biggest earnings day stock bump in 20 years.The bank added that “sources of uncertainty” around deposits and the economy could impact its forecast. Net interest income is the difference between what banks earn from loans and investments and what they pay to depositors.JPMorgan, the biggest U.S. bank by assets, has emerged as a beneficiary of the recent regional banking tumult. It was one of the only banks to see deposits climb in the first quarter as panicked customers sought safety at big institutions; then it won a weekend auction for First Republic, a move expected to boost earnings …

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