Jamie Dimon, CEO of JPMorgan Chase, testifies all over the Senate Banking, Housing, and City Affairs Committee listening to titled Annual Oversight of the Countries Biggest Banks, in Hart Construction on Sept. 22, 2022.
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JPMorgan Chase CEO Jamie Dimon stated Tuesday that it isn’t most likely his financial institution would achieve any other suffering lender after its government-brokered acquisition of First Republic.
“Not going,” used to be Dimon’s curt reaction to a shareholder who requested about acquisitions all over the New York-based financial institution’s annual shareholder assembly.
The turmoil in mid-sized banks sparked through the Silicon Valley Financial institution cave in in March displays that simply assembly regulatory necessities is not sufficient, Dimon added.
“In regards to the present disruption within the U.S. banking machine, a majority of these dangers had been hiding in undeniable sight,” Dimon stated of the rate of interest dangers that helped toppled SVB and First Republic.
Buyers of the largest U.S. financial institution through property peppered Dimon and his managers with questions concerning the financial institution’s technique, positions on hot-button political problems and use of AI equipment together with ChatGPT, amongst different subjects.
JPMorgan is ready for rates of interest and inflation to stay upper for longer probably, the CEO stated. However “massive geopolitical occasions,” cyber assaults and marketplace turmoil are Dimon’s higher issues, he added.
Dimon spoke at the similar day that former Silicon Valley Financial institution CEO Gregory Becker and two ex-Signature Financial institution executives testified earlier than the Senate. All 3 executives pointed to “remarkable” elements that resulted in surprising financial institution runs at their establishments.