Jamie Dimon, CEO of JPMorgan Chase, testifies during the Senate Banking, Housing, and Urban Affairs Committee hearing titled Annual Oversight of the Nations Largest Banks, in Hart Building on Sept. 22, 2022.
Tom Williams | CQ-Roll Call, Inc. | Getty Images
JPMorgan Chase CEO Jamie Dimon said Tuesday that it’s not likely his bank would acquire another struggling lender after its government-brokered acquisition of First Republic.
“Unlikely,” was Dimon’s curt response to a shareholder who asked about acquisitions during the New York-based bank’s annual shareholder meeting.
The turmoil in mid-sized banks sparked by the Silicon Valley Bank collapse in March shows that merely meeting regulatory requirements isn’t enough, Dimon added.
“Regarding the current disruption in the U.S. banking system, most of these risks were hiding in plain sight,” Dimon said of the interest rate risks that helped toppled SVB and First Republic.
Investors of the biggest U.S. bank by assets peppered Dimon and his managers with questions about the bank’s strategy, positions on hot-button political issues and use of AI tools including ChatGPT, among other topics.
JPMorgan is prepared for interest rates and inflation to remain higher for longer potentially, the CEO said. But “large geopolitical events,” cyber attacks and market turmoil are Dimon’s larger concerns, he added.
Dimon spoke on the same day that former Silicon Valley Bank CEO Gregory Becker and two ex-Signature Bank executives testified before the Senate. All three executives pointed to “unprecedented” factors that led to sudden bank runs at their institutions.
