Brief: Jpmorgan Says Settlement Process With The FDIC Is On Schedule For First Republic

First Republic Bank

14/07/2023 11:59

July 14 (Reuters) - JPMorgan Chase & Co  JPM.N :
    * JPMORGAN- EXPECT FY2023 NET INTEREST INCOME AND NET INTEREST INCOME
EXCLUDING
MARKETS OF ABOUT $87B, MARKET DEPENDENT
    * JPMORGAN - EXPECT FY2023 ADJUSTED EXPENSE OF  ABOUT $84.5B EXCLUDING THE
FDIC
SPECIAL ASSESSMENT RELATED TO SYSTEMIC RISK 2 DETERMINATION, MARKET DEPENDENT
    * JPMORGAN- EXPECT FY2023 CARD SERVICES NCO RATE OF ABOUT 2.60%
    * JPMORGAN - SETTLEMENT PROCESS WITH THE FDIC IS ON SCHEDULE FOR FIRST
REPUBLIC
    * JPMORGAN - DEVELOPING THE FULL MIGRATION PLAN FOR MOVING ONTO JPMC SYSTEMS
AND
PRODUCTS, TARGETING TO BE SUBSTANTIALLY COMPLETE IN MID-2024 FOR FRC
    * JPMORGAN - ONBOARDED  ABOUT 5,100 FORMER FRC EMPLOYEES ON JULY 2, 2023;
85% WERE
INVITED TO JOIN THE FIRM AND 91% ACCEPTED FROM FRC
    * JPMORGAN- 21 BRANCHES LEFT BEHIND WITH THE FDIC; REMAINING 63 BEING
ACTIVELY
EVALUATED FOR CONVERSION TO CHASE, JPM WEALTH MANAGEMENT OR CONSOLIDATION
    * JPMORGAN - STRONG CLIENT RETENTION, WITH $6B NET DEPOSIT INFLOWS SINCE FRC
ACQUISITION

Source text for Eikon:  ID: 
Further company coverage:  JPM.N 

 ((Reuters.Briefs@thomsonreuters.com;))