Jamie Dimon says JPMorgan could spend $20B on acquisition

JPMorgan Chase CEO Jamie Dimon said Wednesday that the slope could enactment up to $20 cardinal toward an acquisition successful the coming years, according to CNBC.

"There mightiness be, successful the adjacent mates years, a accidental to enactment $10 [billion] oregon $20 cardinal to enactment buying something," Dimon told analysts astatine a New York fiscal conference. A woody of that magnitude would beryllium the largest of his 20-year tenure starring the bank.

Dimon framed immoderate imaginable woody arsenic a conditional accidental alternatively than a strategical priority. He acceptable retired conditions for what a woody would person to look like: the people would person to slot into the bank's existing structure, align with its culture, and adhd to halfway concern lines alternatively than beryllium arsenic a abstracted entity. "It can't beryllium conscionable a pie-in-the-sky benignant of thing," helium said. The bank's archetypal absorption remains integrated growth, according to The Wall Street Journal, with regulatory changes and beardown profits giving the slope greater flexibility to deploy capital.

Dimon besides cautioned against utilizing dealmaking arsenic a substitute for gathering a business. "You beryllium astir a batch of absorption meetings, the archetypal happening they bash erstwhile they're not doing good successful integrated maturation is they commencement to bullsh-t astir M&A," helium said. "I don't privation to perceive astir M&A... What are you doing to turn your concern — sales, branches, tech, profits, products, services?"

Outside of integrated growth, the bank's astir notable caller woody was its government-brokered takeover of First Republic Bank successful 2023, with JPMorgan paying $10.6 cardinal to the FDIC to implicit the transaction. Looking further back, the largest deals of Dimon's tenure were struck during periods of fiscal turmoil and included Bear Stearns and the retail banking limb of Washington Mutual, according to CNBC.

Fintech woody enactment besides cooled pursuing a costly misfire: the bank's $175 cardinal acquisition of Frank, a assemblage fiscal assistance startup that turned retired to beryllium built connected fraudulent data.

JPMorgan's comments travel arsenic the slope has been posting beardown fiscal results, with first-quarter nett income of $16.5 cardinal and grounds markets gross of $11.6 billion. Dimon has separately warned shareholders astir mounting geopolitical risks and what helium described arsenic flawed slope regulations, portion besides flagging imaginable introduction into prediction markets and the broader implications of artificial intelligence.