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JPMorgan Chase CEO Dimon Sees Higher 2021 Expenses; Wants To Add Asset Management and FinTech

The bank's expenses will likely top $67 billion in 2021.

Image: CEO Jamie Dimon. Source: JPMorgan Chase

NEW YORK (Reuters) – JPMorgan Chase & Co’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 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 for doing “a good job” with recent acquisitions.

Morgan Stanley said in October that it would buy money manager Eaton Vance Corp for about $7 billion. It previously bought online retail brokerage E*Trade Financial.

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.

Reporting by David Henry in New York; Editing by Leslie Adler and David Gregorio


Source: Reuters

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