Jamie Dimon Says JPMorgan (JPM) Could Spend Up to $20 Billion on an Acquisition

JPMorgan Chase & Co. (NYSE:JPM) is included among the Billionaire George Soros Stock Portfolio: 10 Best Stocks to Buy.

pcruciatti / Shutterstock.com

On May 27, CNBC reported that JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon said the bank could spend as much as $20 billion on an acquisition over the next few years. A transaction of that size would be the largest deal of Dimon’s two-decade tenure at JPMorgan. It would also test regulators’ willingness to approve further consolidation among the largest U.S. banks. Dimon made the following remark at a financial conference in New York:

“I do think there might be opportunities, and so we are on the lookout. There might be, in the next couple years, a chance to put $10 [billion] or $20 billion to work buying something,”

At the same time, Dimon made it clear that acquisitions are not a core part of JPMorgan’s growth strategy. He described dealmaking as more of a last resort and cautioned that banks that rely too heavily on acquisitions are often making up for weak organic growth.

JPMorgan has largely expanded through organic growth in recent years. One notable exception was its FDIC-assisted acquisition of First Republic Bank in 2023. As part of that deal, the bank paid $10.6 billion to the regulator.

Under Dimon’s leadership, JPMorgan’s biggest and most significant acquisitions have largely come during periods of market stress. These include First Republic, Bear Stearns, and the retail banking operations of Washington Mutual. The bank also acquired several smaller fintech companies. That pace slowed after it spent $175 million to acquire Frank in 2021, a college financial aid startup that was later found to be fraudulent.

JPMorgan Chase & Co. (NYSE:JPM) offers investment banking, consumer and small business services, commercial banking, transaction processing, and asset management.

READ NEXT: 10 Best Reddit Stocks to Buy According to Billionaires and 10 Safe Stocks to Buy for the Long Term in 2026

Disclosure: None. Follow Insider Monkey on Google News.