JPMorgan targets $24 billion in annual profits
(Reuters) - JPMorgan Chase & Co (JPM.N: Quote) is using size to its advantage, leveraging the various components of its business to help increase annual earnings more than 25 percent over time, Chief Financial Officer Doug Braunstein said on Tuesday.
At the banking giant's investor day, Braunstein said JPMorgan was targeting $24 billion in annual net income, up from the $19 billion it earned last year.
It will achieve that goal, Braunstein said, via its franchise -- the combination of investment banking, asset management, consumer banking and lending, card services and other products that has made it one of the world's largest financial institutions.
Braunstein conceded, though, that the company would need to do more to achieve its $24 billion target. He identified the need for nearly $1 billion in income from growth efforts, including branch expansion, commodities products and international growth.
At the same time, he said the company was "reasonably unlikely" to make any acquisitions in the near term. Given its financial strength, JPMorgan is often mentioned as a potential suitor for various regional retail banks.
The company is aiming for a 16 percent return on tangible common equity, up from the 15 percent it achieved in 2011.
(Reporting By Rick Rothacker and David Henry; Writing by Ben Berkowitz; Editing by Lisa Von Ahn)
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