Jamie Dimon thinks it’s “unlikely” that JPMorgan Chase will take over another bank

JPMorgan Chase CEO Jamie Dimon said Tuesday that his bank is unlikely to take on another troubled lender after the state-brokered takeover of First Republic.

“Unlikely,” was Dimon’s curt response to a shareholder asking about acquisitions during the annual shareholder meeting of the New York-based bank.

The turmoil in mid-tier banks sparked by the collapse of Silicon Valley Bank in March shows that simply meeting regulatory requirements is not enough, Dimon added.

“With the current disruption in the US banking system, most of these risks have been hidden,” Dimon said of the interest rate risks that contributed to the downfall of SVB and First Republic.

Investors at the largest US bank by assets showered Dimon and his managers with questions about the bank’s strategy, positions on current political issues and the use of AI tools such as ChatGPT, among other things.

JPMorgan is prepared for interest rates and inflation to potentially stay higher for longer, the CEO said. But “major geopolitical events,” cyberattacks 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 former Signature Bank executives testified before the Senate. All three executives pointed to “unprecedented” factors that led to sudden bank runs at their institutions.