02:49 PM EST, 12/10/2024 (MT Newswires) -- JPMorgan Chase ( JPM ) now expects its net interest income next year to be about $2 billion higher than current analyst estimates, a company executive said Tuesday after the bank previously described the consensus as overly bullish.

Marianne Lake, JPMorgan's ( JPM ) consumer and community banking head, gave the updated outlook at Goldman Sachs US Financial Services Conference, saying "things have changed" since the time JPMorgan ( JPM ) released its Q3 results.

JPMorgan ( JPM ) Chief Financial Officer Jeremy Barnum "had talked about the fact that consensus for NII in 2025 at $87 billion is a little toppy," Lake said, according to a FactSet transcript.

"Things have changed. The rate outlook has firmed up, on average, about 40 basis points higher in 2025 than it was at that time," she said.

Lake also said JPMorgan ( JPM ) expects its 2025 expenses to be $1 billion higher than consensus of "a little above $94 billion."

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