Dimon Says JPMorgan Could Spend $20 Billion on Deals

Summary

Jamie Dimon says JPMorgan could spend $10-20 billion on deals but considers asset prices high, including its own stock. Bloomberg Intelligence's Herman Chan analyzes three possible deal areas: international consumer banking, payments, and wealth/asset management. Chan notes JPM's stock trades at a premium to peers, offering dealmaking flexibility. He also mentions the possibility of a regional banking crisis providing acquisition opportunities.

• Jamie Dimon says JPMorgan could spend $10-20B on acquisitions in the next couple years.
• Dimon believes asset prices are high, including JPM stock, and is patient on capital deployment.
• Herman Chan of Bloomberg Intelligence outlines three potential deal areas: international consumer banking (UK/Germany), payments, and wealth/asset management.
• JPM stock trades at 2.7x tangible book, well above competitors, providing currency for deals.
• Chan suggests JPM could also act on opportunities from regional banking crises, similar to First Republic.