In an earnings report released on Friday, JPMorgan Chase (JPM) CEO Jamie Dimon expressed concern regarding persistent inflation, indicating that the economy is “being fueled by large amounts of government deficit spending and past stimulus.” He also highlighted the rising costs the bank has been facing.
Dave Ellison, Portfolio Manager at Hennessy Funds, appeared on Yahoo Finance to discuss these expenditures and their potential impact on the broader banking sector. “Expenses are usually an offensive thing, so I don’t think you cut yourself to a high stock price,” Ellison remarked. “Generally, the expenses reflect the inflationary pressures in the industry, and these institutions have numerous physical locations to maintain. Furthermore, they are contending with a multitude of costs due to the competitive pressures from technology and other sectors.”
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