When an analyst commented about the increase in noninterest expenses, which rose 3.7% in Q3 to $22.57 billion, CEO Dimon cautioned not to see expenses as just costs, but also investments in the business.
For example, there is a short-term cost to open new branches, but that should be offset by growth in deposits.
The number of branches increased to 4,906 from 4,863 a year ago, but total deposits increased 2.2% to $2.43 trillion.