JPMorgan Chase may deploy as a lot as $20 billion on an acquisition over the subsequent few years, CEO Jamie Dimon mentioned Wednesday on the Bernstein convention in New York Metropolis. The billionaire government mentioned the financial institution noticed potential alternatives forward and was looking out for the proper deal.
“There could be, within the subsequent couple years, an opportunity to place $10 [billion] or $20 billion to work shopping for one thing,” he mentioned. A deal of that scale could be the biggest beneath Dimon’s two-decade management.
Dimon cautioned that acquisitions will not be JPMorgan’s key progress engine and criticized firms that flip to M&A when natural progress slows. He harassed that any goal would want to suit seamlessly into JPMorgan’s construction and tradition and improve its core operations.
“It could’t be only a pie-in-the-sky sort of factor,” he mentioned.
Throughout Dimon’s 20-year tenure, JPMorgan has favored natural growth as an alternative of acquisition-driven progress, apart from the opportunistic FDIC-brokered offers involving Bear Stearns, Washington Mutual and First Republic that have been facilitated by regulators.
JPMorgan has additionally pursued smaller fintech offers however pulled again after its 2021 Frank acquisition, which later grew to become controversial because of fraud revelations. Most not too long ago, the agency acquired WealthOS to strengthen its presence within the UK private investing and wealth administration market.
