Global Courant 2023-05-16 22:10:54
Jamie Dimon, CEO of JPMorgan Chase, testifies at the Senate Banking, Housing and Urban Affairs Committee hearing titled Annual Oversight of the Nations Largest Banks, at Hart Building on September 22, 2022.
Tom Williams | CQ Roll Call, Inc. | Getty Images
JPMorgan Chase CEO Jamie Dimon said on Tuesday his bank is unlikely to acquire another troubled lender following the government-brokered acquisition of First Republic.
“Probably,” was Dimon’s curt reply to a shareholder who asked about acquisitions at the New York-based bank’s annual shareholders’ meeting.
The turmoil among medium-sized banks, triggered by the collapse of Silicon Valley Bank in March, shows that mere compliance with regulatory requirements is not enough, Dimon added.
“In terms of the current disruption to the US banking system, most of these risks have been hidden in plain sight,” Dimon said of the interest rate risks that helped topple SVB and First Republic.
Investors at the largest US bank peppered Dimon and his managers with questions about the bank’s strategy, views on current political issues and the use of AI tools, including ChatGPT, among other things.
JPMorgan is prepared for interest rates and inflation to potentially remain high for longer, the CEO said. But “major geopolitical events”, cyber-attacks and market turmoil are Dimon’s bigger 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 leading to sudden bank runs at their institutions.
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Jamie Dimon says ‘unlikely’ JPMorgan Chase will
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