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JPMorgan’s asset and wealth management division explores acquisitions

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JPMorgan’s asset and wealth management division explores acquisitions
© Reuters. FILE PHOTO: A JP Morgan Chase Bank sign is seen in front of its headquarters tower in Manhattan, New York, USA, November 13, 2017. REUTERS / Amr Alfiky

NEW YORK (Reuters) – JPMorgan Chase & Co (NYSE 🙂 director of asset and wealth management Mary Callahan Erdoes said Wednesday that her bank division is looking at potential opportunities for additional acquisitions.

“I would not assume that we have not done anything,” Erdoes said when asked why his unit has not announced an acquisition agreement. “You have to kiss a lot of frogs … (to know) what’s out there.”

Erdoes, whose division manages investments for institutional clients and private banking, said there has been a significant increase in transaction activity across the industry. While JPMorgan has looked at a number of potential deals, the bar for an acquisition is high, he said.

“I don’t think it’s a good idea to sit still,” Erdoes told a virtual conference hosted by Deutsche Bank AG (NYSE :).

In the broad discussion, Erdoes also said that loans at the private bank have risen 17% so far this year from 2020.

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