JPMorgan's $2B-a-week spending plan in focus at investor event - report

 JPMorgan Chase (JPM) will host a company update event Monday evening, where its CEO Jamie Dimon is expected to make the case for spending $2B a week to drive the bank's future growth, the Financial Times reported.

The lender previously forecast that it would spend about $105B this year, up over 9% from a year ago.

"We'll be justified by the results," Dimon said in an earnings call last month. "But we're not going to be giving detail on every single thing every single quarter. You're going to have to, as partners, trust me."

"We're not going to try to meet some expense target and then 10 years from now, you'd be asking us the question, how did JPMorgan get left behind?" he added. 

JPMorgan (JPM) has consistently invested more than its peers over the last decade and achieved higher returns. The bank reportedly has about $60B of capital more than required by regulators.

"The U.S. banking industry is more competitive than any time since before the global financial crisis," said Wells Fargo analyst Mike Mayo, as quoted by FT. "JPMorgan, as the Goliath of Goliaths, is in fighting condition and ready to expand more aggressively."

https://www.msn.com/en-us/money/companies/jpmorgan-s-2b-a-week-spending-plan-in-focus-at-investor-event-report/ar-AA1WTQGH