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The U.S. banking sector is likely to see further consolidation and JPMorgan Chase may be called on by regulators for more acquisitions, Chief Executive Jamie Dimon said on a webcast call Monday.
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AP James Dimon |
"There are still too many banks in the United States," Dimon told Calyon Securities analyst Mike Mayo on the call.
JPMorgan [JPM
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] last year purchased Bear Stearns at a fire-sale price and snapped up the assets of failed Seattle thrift Washington Mutual.
The second-largest bank is busy absorbing these acquisitions, Dimon said, but added that regulators may still look to JPMorgan to "do something" in terms of acquisitions.
JPMorgan is also looking to grow outside of the United States by expanding existing businesses in countries like Brazil, China, India and Russia, he said.
Consumer businesses in the United States remain under stress and the credit card business in particular is suffering, according to Dimon.
"Unemployment and home prices (are) driving losses way beyond what we expected, even (with) unemployment like this," he said.
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