Bank / Credit Union

JPMorgan CEO says more acquisitions of struggling banks "unlikely"

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May 17, 2023

JPMorgan Chase recently acquired a majority share of the failed bank First Republic as part of a government-deal. However, when CEO Jamie Dimon was asked during the annual shareholder meeting if Chase would acquire more struggling banks, he said that situation was "unlikely," according to a CNBC report.

Dimon said the collapse of banks such as Silicon Valley Bank showed that just meeting the bare minimum of regulatory requirements isn't enough.

"Regarding the current disruption in the U.S. banking system, most of these risks were hiding in plain sight," he told the news outlet in regards to the fall of SVB and First Republic.

During the meeting, Dimon said that although high interest rates and inflation are important, his main concern are geopolitical events, cyber attacks and market turmoil.

Dimon spoke on the same day that former executives at SVB and Signature Bank spoke before Congress.