JPMorgan Chase & Co JPM CEO Jamie Dimon reportedly said the lender is unlikely to buy any additional regional banks that are struggling in the wake of the sector's turmoil.
Dimon made the clarification in response to a shareholder question at the bank's annual meeting on Tuesday, a Bloomberg report said. The veteran banker said the industry was hopefully "coming back to stability."
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His remarks come at a time when JPMorgan has taken over First Republic Bank following a deal with Federal Deposit Insurance Corporation earlier in the month. Dimon, who remains the only major bank CEO from the financial crisis times still in command, said last week that "we need to finish the bank crisis" and regulators should "not be surprised constantly," according to the report.
Dimon has been vocal about issues faced by the economy and the banking sector. The JPMorgan chief had warned earlier that the congressional impasse over the U.S. debt ceiling and a potential default on the national debt could create a financial panic.
Price Action: Regional bank shares have been highly volatile in recent times. While PacWest Bancorp PACW and Western Alliance Bancorporation WAL have registered losses over the last month, New York Community Bancorp, Inc. NYCB has registered over 11% gains during the period, according to Benzinga Pro.
Interestingly, not everybody is shunning these stocks. "The Big Short" investor Michael Burry made fresh investments in regional U.S. bank stocks, possibly bottom-fishing the shares when the banking sector was going through turmoil in March in the wake of the collapse of Silicon Valley Bank and Signature Bank.
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