JPMorgan's Jennifer Piepszak sees consumer deposits 'slightly down from here'

Jennifer Piepszak, co-CEO of JPMorgan Chase's (NYSE:JPM) consumer and community banking unit, said Tuesday she expects consumer deposits (ex-First Republic) to be "slightly down from here."

That's because "there are more headwinds than tailwinds for deposit growth," including the Federal Reserve's quantitative tightening program and the Treasury Department replenishing the Treasury General Account, she said at an industry conference in New York City.

Piepszak, who is one of the top contenders for JPMorgan's (JPM) next CEO, said the deposit landscape has been "highly competitive," but "we feel very good about our ability to win the war for customers."

Last year, she noted, the lender added 2M checking account on a net basis across consumer and business banking, and it's on track "this year to do at least that much."

For the first quarter, Consumer & Community Banking revenue came in at $16.5B, up from $15.8B in the prior quarter and $12.2B a year ago.

Piepszak touched on consumers' resilience, saying the median consumer cash buffer is 20% above pre-pandemic levels. Still, she added, consumer spending has seen a "deceleration of growth."

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