Jamie Dimon Says JPMorgan Could Spend $20 Billion on Deals

Jamie Dimon Says JPMorgan Could Spend $20 Billion on Deals

JPMorgan Chase CEO Jamie Dimon said the bank could consider an acquisition worth up to $20 billion in the next few years now that it has greater flexibility from regulators to spend capital. Dimon said at an investor conference Wednesday that the bank is first focused on growing its businesses organically, but regulatory changes and high profits mean the bank has a pile of cash it has to put to work.

Regulatory Flexibility and Cash Pile

"It's not burning a hole in our pocket at all," Dimon said of the firm's capital. "If it sits there for a while, no problem." Executives at JPMorgan have been suggesting an openness to big acquisitions in recent months, always with plenty of caveats that the firm is focused elsewhere and might not do anything.

Organic Growth Priority

Dimon warned his team not to get lost in "pie-in-the-sky" deal talks. "If you sit around a lot of management meetings, the first thing they do when they're not doing well in organic growth is they start to bulls — t about M&A," Dimon said. "My management knows I don't want to hear about M&A."

Wealth Management and Payments Expansion

Analysts and investors have been awaiting a tidal wave of mergers among banks. JPMorgan's wealth management division, helmed by Mary Erdoes, would consider a deal. Erdoes told investors in February that the unit had considered 25 transactions in 2025, but didn't go forward with any. The bank has also tried to expand in payments with deals.

A large transaction for JPMorgan would be a return to form for Dimon, the elder statesman of the banking world who formed the bank through a series of acquisitions and mergers, including during times of crises. The bank's last major deal was for First Republic, in a distressed sale supervised by regulators.