JPMorgan says settlement process with FDIC for First Republic deal on schedule

Expects deal to close mid-2024. Says business and consumer spending “remains resilient.” Says macro trading “substantially normalized” versus a year ago. Seeing “encouraging signs” in capital markets. Expects: FY23 NII ~$87B; FY23 adjusted expense ~$84.5B; FY23 card services NCO rate of ~2.60%. Comments taken from Q2 earnings conference call.