JPMorgan Chase expects expenses to climb to about $105 ⁠billion in 2026, driven largely by growth and volume ⁠related costs, consumer ‌and community banking chief Marianne Lake said on Tuesday.

Speaking at the Goldman Sachs ⁠Financial Services Conference in New York, Lake said strategic investments would be the second-biggest contributor to higher expenses, with the consumer and community ⁠banking unit accounting for ​a big part of that expense growth.

Analysts, on average, expect JPMorgan’s ‍expenses to total $100.84 billion next year, according to LSEG ​data.

Shares of JPMorgan fell 4.3%, putting the stock on track for its biggest one-day drop since April 4.

Lake said investment banking revenue is expected to be up by the low-single digit percentages in the fourth quarter, while it expects markets revenue to be up in the low-teens percentages ⁠in the fourth quarter.

She said the ‌environment was more constructive for bank M&A than it had been.

(Reporting by Prakhar Srivastava ‌in Bengaluru ⁠and Lananh Nguyen and Tatiana Bautzer in New York; ⁠Editing by Chris Reese and Nick Zieminski)