JP Morgan Chase boss-in-waiting, Jamie Dimon, has been pontificating again. And this time, it's about 'his' bank's acquisition strategy.
In bullish mood as ever, Dimon told a meeting of the Investment Analysts society of Chicago last week that 'we will be acquisitive down the road'. Although the JP Morgan president said that he did not think that it was critical to purchase a big retail brokerage firm, he did say that the bank's acquisition strategy would differ region by region. Acquisitions in Europe were likely to be small, as there is no pan-European bank. They will be larger in Asia, where the players are bigger. On the domestic front, Dimon said that buys would focus on wealth and treasury management and retail.
Only last month Dimon described his bank's third quarter profits as 'terrible'. Now, it seems, some of the senior staff in the bank's bond division have paid for that. According to The Wall Street Journal, at least six senior members of the bank's credit-markets group are to leave the firm. The disappointing third quarter results are said to have left staff in fixed income worried that their bonus pool may have shrunk.