JPMorgan’s (JPM) Jamie Dimon said Wall Street is rolling full steam ahead as the bank now expects a “good extra billion” in 2026 expenses.

The CEO of the country’s largest bank weighed in on a range of topics, including JPMorgan’s 2026 expenses and quarterly revenues, during a talk at the Bernstein Strategic Decisions Conference in New York.

“​​It’s gung ho, folks,” Dimon told the audience when asked what lending, trading, and investment banking clients are doing in the current environment, adding some characteristic caution.

“There’s a lot of exuberance out there, so yeah, right now, it’s good, but it was in ‘72, ‘86, 2000, 2007. That doesn’t give me comfort,” he said.

Dimon said his bank is expecting investment banking and trading revenue to climb 10% and 11% in the second quarter, respectively, compared to the year-ago period.

Meanwhile, he said JPMorgan’s expenses are expected to rise by $1 billion more than the $105 billion that the bank projected last month. Compensation growth is typically a big component of fee growth for banks.

“We think it’ll be closer to 106, mostly driven by better performance, so it’s a good extra billion,” Dimon said, noting that fees from trading have been more than JPMorgan expected.

JPMorgan’s stock fell almost 3% on Wednesday before easing. Shares are down 7% since the beginning of the year.

Bankers are set for another good year in compensation, potentially the strongest leading Wall Street. The dual forces of deregulation in financial services and massive AI infrastructure investment have sent activity levels at Wall Street firms surging.

JPMorgan, along with Citigroup, Bank of America, and 20 other banks, is set to reap fees in the coming weeks from the IPO of SpaceX. The listing of the Elon Musk-led rocket maker is poised to be the largest in history.

Well known for his often blunt and well-heard prognostications on risks in banking and financial markets, Dimon also reiterated his personal view that “there will be more inflation than people expect” and that “asset prices are high, including JPMorgan’s stock.”

David Hollerith is a senior reporter at Yahoo Finance covering the cryptocurrency and stock markets. Follow him on X at @DsHollers.

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