Whatever it takes’: Jamie Dimon channels his inner dealmaker
Whatever it takes’: Jamie Dimon channels his inner dealmaker
One chart to start: Didi Chuxing lost a fifth of its market value after Chinese regulators announced an investigation into the ride-hailing app that last week raised more than $4bn in a New York listing. Full story here.
Big bank, tiny M&A
Speaking at a conference last month, JPMorgan Chase boss Jamie Dimon was asked whether the bank would be one of the winners in the battle to thrive in an increasingly competitive banking system.
"We'll do whatever it takes," he replied. Perhaps, to be more precise, Dimon could've said he'll do whatever deal it takes.
JPMorgan has already made 33 acquisitions or investments in 2021, just one shy of its total in both 2020 and 2019. This has put America's biggest bank by assets on track for its largest buying spree in years.
The deals so far this year are mostly for smaller companies, often with a bent towards technology, and in locations ranging from Britain to Brazil.Â
It's a sign of how Dimon is turning to deals to expand the huge banking group at a time of low rates and increasing competition from old and new banking players including PayPal and Visa, whose market capitalisations have exceeded $340bn.
As one Wells Fargo analyst put it:
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