Dimon asks bankers for M&A ideas

Dimon asks bankers for M&A ideas
JPMorgan CEO suggests he would consider acquisitions related to software, fintech or 'something overseas'
DEC 09, 2020
By  Bloomberg

JPMorgan Chase & Co.’s Jamie Dimon wants to remind the world that his bank is looking to make an acquisition.

“If you’ve got brilliant ideas, give me a call,” Dimon, the chief executive of the biggest U.S. bank, said at a conference Tuesday. “If you’re a competitor investment bank and you bring the idea, you get the fee.”

The longstanding CEO told investors in February that the bank was actively looking at acquisitions across its businesses and that it could buy anything except another U.S. bank. Since then, competitor Morgan Stanley has closed one mega-deal -- the takeover of ETrade Financial Corp. -- and announced another one, the $7 billion purchase of asset manager Eaton Vance Corp.

JPMorgan last week announced a small deal of its own: the purchase of fintech company 55ip, which positioned it to broaden offerings to financial advisers. Dimon signaled there could be more to come.

“Morgan Stanley’s done a good job with a couple of deals they’ve done,” he said. “So asset management, my line is open. It’s a scaled business. It’s a distribution business. It’s a brand business. It’s got to make sense.”

While the CEO expects regulators to toughen their grip on banks under a new presidential administration, he said he thinks they would be “very open” to JPMorgan doing a deal in a variety of industries or regions.

“It might be software. It might be fintech. It might be something overseas,” he said. “We’re open-minded.”

Separately, Dimon said the bank’s trading and investment-banking businesses are each on track to generate 20% more revenue in the fourth quarter than they did in the same period last year. That would put trading revenue at $5.9 billion, capping a record year for the group.

Latest News

SEC Says Game Service Roblox Part of ‘Active Investigation’
SEC Says Game Service Roblox Part of ‘Active Investigation’

Short sellers previously said the company was under investigation, though Roblox denied allegations.

Musk’s DOGE descends on CFPB with intention to shut it down
Musk’s DOGE descends on CFPB with intention to shut it down

The Consumer Financial Protection Bureau is in the crosshairs of the Republican group that is widely attempting to dismantle government agencies.

Advisor fighting Finra banishment loses $17.7 million dispute with old firm
Advisor fighting Finra banishment loses $17.7 million dispute with old firm

National Securities Corp. sued the advisor in 2020, alleging breach of contract and unjust enrichment.

Job numbers, inflation leaving room for Fed to hold rates
Job numbers, inflation leaving room for Fed to hold rates

Recent data support a measured pace by the Federal Reserve for the year ahead.

Private assets remain hot despite surging stock market
Private assets remain hot despite surging stock market

Financial advisors are still adding alternatives despite the surge in publicly traded stock prices

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.