Jamie Dimon, CEO of JPMorgan Chase, testifies in the course of the Senate Banking, Housing, and City Affairs Committee listening to titled Annual Oversight of the Nations Largest Banks, in Hart Constructing on Sept. 22, 2022.
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JPMorgan Chase CEO Jamie Dimon stated Tuesday that it is not going his financial institution would purchase one other struggling lender after its government-brokered acquisition of First Republic.
“Unlikely,” was Dimon's curt response to a shareholder who requested about acquisitions in the course of the New York-based financial institution's annual shareholder assembly.
The turmoil in mid-sized banks sparked by the Silicon Valley Financial institution collapse in March reveals that merely assembly regulatory necessities is not sufficient, Dimon added.
“Concerning the present disruption within the U.S. banking system, most of those dangers had been hiding in plain sight,” Dimon stated of the rate of interest dangers that helped toppled SVB and First Republic.
Traders of the largest U.S. financial institution by belongings peppered Dimon and his managers with questions in regards to the financial institution's technique, positions on hot-button political points and use of AI instruments together with ChatGPT, amongst different subjects.
JPMorgan is ready for rates of interest and inflation to stay increased for longer doubtlessly, the CEO stated. However “massive geopolitical occasions,” cyber assaults and market turmoil are Dimon's bigger issues, he added.
Dimon spoke on the identical day that former Silicon Valley Financial institution CEO Gregory Becker and two ex-Signature Financial institution executives testified earlier than the Senate. All three executives pointed to “unprecedented” elements that led to sudden financial institution runs at their establishments.
