JPMorgan CEO Dimon sees higher expenses, hunts asset-management businesses
Reuters
Published Dec 08, 2020 05:22PM ET
Updated Dec 08, 2020 07:50PM ET
NEW YORK (Reuters) - JPMorgan Chase & Co (NYSE:JPM)'s expenses in 2021 will likely top $67 billion, slightly more than analysts' estimates, because of company investments CEO Jamie Dimon said on Tuesday at an investor conference.
Dimon, speaking in a webcast video interview by Goldman Sachs (NYSE:GS) banking analyst Richard Ramsden, also said he would like to buy asset management businesses and financial technology companies.
Addressing the camera, Dimon said, "Asset management: My line is open."
Dimon indicated that the bank is seeing current fourth-quarter revenue increases of 20% from a year earlier in both trading and investment banking.
He praised competitor Morgan Stanley (NYSE:MS) for doing "a good job" with recent acquisitions.
Morgan Stanley said in October that it would buy money manager Eaton Vance (NYSE:EV) Corp for about $7 billion. It previously bought online retail brokerage E*Trade Financial (NASDAQ:ETFC).
Dimon acknowledged that JPMorgan is too big to be allowed to acquire another deposit-taking institution. He said the bank has excess capital and would like to use acquisitions to quicken its growth.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.