JPMORGAN: Expenses are going up in 2017

(Reuters) – JPMorgan Chase & Co said it expected 2017 expenses to rise about 3.4 per cent as the lender spends more on technology and signing up new credit card accounts.

Total adjusted expenses for 2017 are expected to be about $US58 billion, up from $US56.1 billion in 2016, according to slides posted on the company’s website.

Some investors expecting banks profits to surge have been counting on lenders to hold expenses fairly steady so that more of each additional dollar of revenue goes to the bottom line. (Reporting by Sweta Singh in Bengaluru; Editing by Sriraj Kalluvila)

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