Wall Street investment bank JPMorgan Chase (JPMorgan Chase, also known as JPMorgan) Chief Executive Jamie Dimon (Jamie Dimon) said on Tuesday (16th) that after buying First Republic Bank (First Republic), JPMorgan is “unlikely” to buy other banks. Regional banks in crisis.
According to a CNBC report on the 16th, JPMorgan Chase CEO Dimon responded to a question about “acquisition” at the New York-area bank’s annual shareholder meeting, and his answer was “unlikely.”
Dimon added that the turmoil at midsize banks sparked by the Silicon Valley Bank collapse in March showed that meeting regulatory requirements is not enough. Dimon said that with the current mess in the U.S. banking system, most of these risks already exist.
Investors at JPMorgan asked Dimon and his managers questions about the bank’s strategy, its stance on sensitive political issues and its use of artificial intelligence tools, including ChatGPT.
Dimon said that JPMorgan Chase is ready for a longer period of high interest rates and high inflation. But he added that large geopolitical events, cyberattacks and market turmoil were of greater concern to him.
Dimon’s speech came on the same day that former Silicon Valley Bank CEO Greg Becker and two former Signature Bank executives testified before the Senate. Baker apologized for the collapse of Silicon Valley Bank, but he also pointed out that the Federal Reserve’s aggressive interest rate hikes and negative sentiment on social media led to the collapse of Silicon Valley Bank.
further reading
JPMorgan takes over First Republic Bank
Banks in Europe and the United States blasted Wall Street giants one after another, saying that it is not over yet
U.S. banking credit crunch could drag on economy
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