Unstructured Finance

Dimon: never say never

January 15, 2009

Jamie DimonJPMorgan’s Jamie Dimon may have enough on his plate – for now.

With the bank still digesting its two major purchases from last year — Washington Mutual’s banking operations and Bear Stearns — Dimon seems ready to take a break from deals and focus on integration.  

A worsening economy is also keeping the industry on edge. “Common sense tells you it will get worse and we should prepare for that,” Dimon said on a conference call after the bank announced lower fourth-quarter profit. He said 7.5 percent to 8 percent unemployment is “the minimum we’ll see.”

JPMorgan is “not out there looking” for an acquisition. And there is nothing that the bank is looking to divest, Dimon said.  

But Dimon is leaving the door ajar in case opportunity knocks yet again. “We would never say never.”

(Photo: REUTERS/Jonathan Ernst)

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