JPMorgan's asset, wealth management division exploring acquisitions – executive

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NEW YORK (Reuters) – JPMorgan Chase & Co 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.

© Reuters/AMR ALFIKY A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York

“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.

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

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

(Reporting by Elizabeth Dilts Marshall; Editing by Chris Reese and David Gregorio)

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