In a statement Mary Callahan Erdoes, the head of asset and wealth management at JPMorgan Chase & Co said, her division of the bank is “looking into possible opportunities for add-on acquisitions”.
“I wouldn’t assume we haven’t done anything,” said Erdoes when asked why her unit has not announced an acquisition deal. “You’ve got to kiss a lot of frogs … (to know) what’s out there.”
She went on to add, “There has been a significant increase in deal activity across the industry. While JPMorgan has looked at a number of possible deals, the bar for an acquisition is high”.
“I don’t think it’s a good idea to be sitting still,” said Erdoes during a virtual conference hosted by Deutsche Bank AG and mentioned that lending at the bank has shot up by 17% so far this year compared to the previous year, in the same quarter.