JPMorgan sees FY18 adjusted expense lower than $62B
The forecast excludes about $1.2B of revenue recognition accounting charge. Sees FY18 technology spend of about $10.8B, gross marketing spend about $5.7B. Sees about 7% noninterest revenue growth in FY18 and 3% CAGR going forward, market dependent. Says longer-term NII growth will be drive mostly by balance sheet growth and mix. Sees FY18, medium-term net charge-off rates relatively flat across the business. Says medium-term outlook for net charge-offs "relatively benign." Sees up to 300bps potential benefit to firmwide ROTCE from tax reform in the medium-term. Says will continue to focus on growth in retail and operating deposits. Comments taken from 2018 Investor Day presentation slides.