JPMorgan CEO plans $10-20 B acquisition spend, outlook

JPMorgan Chase CEO Jamie Dimon has signaled the bank is prepared to spend up to $20 billion on a major acquisition in the coming years, while also revising its expense forecast upward and projecting strong quarterly revenue growth. Dimon made the comments during a talk at the Bernstein Strategic Decisions Conference in New York.

The chief executive said JPMorgan could have between $40 billion and $50 billion in excess capital above regulatory requirements, creating capacity for a significant deal. He stated there might be a chance in the next couple of years to deploy $10 billion to $20 billion to buy something, but emphasized the bank is in no hurry. Dimon noted that prices are high, including JPMorgan's own stock, and that the capital was not burning a hole in the bank's pocket.

He set clear conditions for any potential acquisition, stating a target would need to fit properly within JPMorgan's existing operations and corporate culture. Dimon framed mergers and acquisitions as a tool of last resort, cautioning that companies relying too heavily on deals may be covering weak internal growth. He stressed that acquisitions should not replace organic growth in sales, branches,...