What do you believe is the single most important factor driving up the cost of living in Nigeria?

Daniel Pinto, president and chief operating officer of JPMorgan Chase, speaks during the Semafor 2024 World Economy Summit in Washington, DC, on April 18, 2024.

While the bank expects to be in the "ballpark" of the 2024 target for NII of about $91.5 billion, the current estimate for next year of about $90 billion "is not very reasonable" because the Federal Reserve will cut interest rates, JPMorgan President Daniel Pinto said at a financial conference.

"I think that that number will be lower," Pinto said. He declined to give a specific figure.

Shares of the New York-based bank dropped more than 7% earlier in the session for the worst decline since June 2020, according to FactSet.

JPMorgan, the biggest U.S. bank by assets, has been a winner among lenders in recent years, benefiting from better-than-expected growth in NII as the bank gathered more deposits and made more loans than expected. But skittish investors are now concerned about the outlook for a bellwether banking stock, along with broader concerns about slowing U.S. economic growth.

• Read More