JPMorgan Drops as Bank Warns of Higher-Than-Expected Costs (3)

JPMorgan Chase & Co.’s Marianne Lake said the bank anticipates spending $105 billion next year, an outlook that surpasses analyst estimates and sent shares falling Tuesday.

The biggest driver of the expected cost growth is “volume- and growth-related expenses,” Lake said Tuesday at a Goldman Sachs Group Inc. conference. She also pointed to strategic investments and the “structural consequence of inflation.”

JPMorgan shares dropped 4.7% to $300.51 in New York Tuesday, their biggest decline in eight months. That made the bank the worst performer in the KBW Bank Index.

The guidance is higher than even the top estimate from ...