JPMorgan ‘Very Interested’ in Participating in Industry Consolidation

October 15, 2020

On the heels of Morgan Stanley’s recent multi-billion-dollar- acquisitions, JPMorgan CEO Jamie Dimon said that his firm is “very interested” in making an acquisition as well, according to news reports.

“Since we have you all on the line, our doors, our telephone lines are wide open,” Dimon told analysts on the company’s earnings call on Tuesday, according to FA-IQ sister publication Ignites.

He was replying to an analyst's query about "the parameters of what you would and might not be interested in doing in asset and wealth management" in relation to "industry consolidation."

Dimon added, however, that the company would be selective about its target, Ignites writes.

“The systems, the technology, the business logic, the ability to execute [have to fit],” he said, according to the publication. “There are a lot of issues that will determine whether something makes sense for us.”

Dimon’s expression of interest follows an announcement earlier this month that Morgan Stanley got the green light from the Federal Reserve Board to close its $13 billion acquisition of online brokerage giant E*Trade, followed by an announcement that Morgan Stanley is also acquiring Eaton Vance for around $7 billion, with the deal scheduled to close in the second quarter of 2021. 

The Eaton Vance deal would bring Morgan Stanley’s client assets across the firm’s wealth management and investment management business lines to $4.4 trillion, Morgan Stanley chairman and CEO James Gorman said.

JPMorgan’s asset and wealth management division, meanwhile, had $2.6 trillion in assets under management as of September 30, up 16% year-over-year. 

Dimon also expressed optimism about a return to offices while stressing its necessity, according to Ignites.

“There’s lots of examples that if you do the social distancing and cleaning and everything like that, it may be safer than being in your community,” he said, according to the publication. 

Dimon also said that many businesses “under a lot of stress and strain” would risk failing if faced with another year of lockdowns, Ignites writes. 

In September, Dimon said in private meetings with Keefe, Bruyette & Woods analysts that JPMorgan staff’s productivity has suffered under the work-from-home arrangement.

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By Alex Padalka
  • To read the Ignites article cited in this story, click here if you have a paid subscription.