JPMorgan Chase: Resilient Consumers Fuel Ambitious Growth Plans

Marianne Lake, CEO of JPMorgan's Consumer and Community Banking, details resilience in consumers and small businesses, despite declining confidence. She projects a robust loan growth exceeding 8% in credit cards, while headcount could decrease by 10% over five years. JPMorgan aims to double its wealth management assets to $2 trillion.

Marianne Lake, CEO of JPMorgan's Consumer and Community Banking, shared insights at the Investor Day, emphasizing that credit costs align with expectations for 2025. Despite worsening consumer and small business sentiment, resilience remains evident.

Lake anticipates significant loan growth in the credit card sector, potentially surpassing 8% annually. However, a workforce reduction of 10% in consumer banking is expected over the next five years.

JPMorgan Chase continues to outperform competitors in attracting consumer deposits. The bank has ambitious plans to expand its wealth management division, aiming to double client assets to $2 trillion.

(With inputs from agencies.)