Jamie Dimon says JPMorgan Chase could do $20 billion acquisition
JPMorgan Chase CEO Jamie Dimon speaks at the American Business Forum at the Kaseya Center in Miami on November 6, 2025.
Chandan Khanna | AFP | Getty Images
JPMorgan Chase CEO Jamie Dimon said Wednesday that his bank could spend up to $20 billion on an acquisition in the coming years.
A deal of this size would be the largest in Dimon’s 20-year tenure at JPMorgan and would test regulators’ appetite for consolidation among the largest U.S. banks.
“I think there may be opportunities, and that’s why we’re on alert,” Dimon told analysts at a financial institution in New York. conference.
“There may be a chance to put $10 in the next few years [billion] or $20 billion to work to buy something,” Dimon said.
The comments came with warnings. Dimon framed acquisitions not as a growth strategy but as a tool of almost last resort, warning that bankers who lean too heavily on deal-making often compensate for weak organic growth.
“The first thing they do when they’re not doing well on organic growth is they start talking nonsense about mergers and acquisitions,” Dimon said. “I don’t want to hear about mergers and acquisitions. What are you doing to grow your business – sales, branches, technology, profits, products, services?”
He said any takeover target would need to integrate cleanly into JPMorgan’s existing operations, fit into the bank’s culture and build on the core businesses rather than sitting as a separate standalone unit.
“This can’t be something that simple,” Dimon said.
JPMorgan has grown mostly organically in recent years, except for its FDIC-backed acquisition of First Republic Bank in 2023. As part of this transaction, it made a $10.6 billion payment to the regulator.
The bank’s largest and most significant M&A deals under Dimon were mostly crisis-era acquisitions of regulated banks, including the retail operations of First Republic, Bear Stearns and Washington Mutual.
The firm has also acquired a number of smaller fintech firms, but slowed in 2021 after spending $175 million to acquire college aid startup Frank, which was later revealed to be a fraud.
This story is developing. Please check back for updates.
