JPMorgan Chase shares fell more than 5% on Tuesday after the president of the largest US bank, Daniel Pinto, warned about investors' overly optimistic profit expectations for the coming year. This statement triggered selling pressure on US bank stocks, including Goldman Sachs and Citigroup.

At an industry conference organized by Barclays, Pinto stated that analyst estimates for net interest income (NII) in 2025 were too high. According to consensus forecasts, the NII is expected to decrease from $91.5 billion to $90 billion. Pinto dismissed this as unrealistic and explained that interest rate expectations were lowered by 250 basis points, which would have a greater impact on income. "This figure is somewhat too high," Pinto emphasized.

JPMorgan shares closed down 5.2% after falling as much as 7% earlier, marking the biggest daily loss since June 2020. Goldman Sachs shares also fell 4.4%, and Citigroup recorded a decline of 2.7%.

Although Pinto did not provide a concrete new forecast for the NII, he warned that the consensus does not sufficiently take into account the impact of expected Federal Reserve rate cuts. While rate cuts could alleviate pressure on the repricing of deposits, JPMorgan is highly interest-rate dependent, Pinto added.

The decline overshadowed positive developments, such as the success of major US banks in the fight against stricter capital requirements by regulators. In recent years, JPMorgan greatly benefited from the Fed's rate hikes, but now could not confirm less optimistic expectations.

In summary, the banks face a difficult time where declining margins and uncertainties about future interest rates could pressure profits.