JPMorgan’s asset, wealth administration division exploring acquisitions – govt

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© Reuters. FILE PHOTO: A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in Manhattan, New York, U.S., November 13, 2017. REUTERS/Amr Alfiky

NEW YORK (Reuters) – JPMorgan Chase & Co (NYSE:) head of asset and wealth management Mary Callahan Erdoes said on Wednesday her division of the bank is looking into possible opportunities for add-on acquisitions.

“I wouldn’t assume we haven’t done anything,” Erdoes said 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.”

Erdoes, whose division manages institutional client investments and private banking, said 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, she said.

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

In the wide-ranging discussion, Erdoes also said lending at the private bank has risen 17% so far this year from 2020.

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