Jamie Dimon, President and Chief Executive Officer of JPMorgan Chase & Co., speaks on CNBC’s Squawk Box at the World Economic Forum Annual Meeting on January 17, 2024 in Davos, Switzerland.
Adam Galich | CNBC
JPMorgan Chief Executive Jamie Dimon isn’t worried about additional competition from increased scale capital one If it acquires it for $35.3 billion Explore Finance Approval.
“My view is, let them compete,” Dimon said. “Let them try it and if we think it’s unfair, we’ll complain.”
Speaking to CNBC’s Leslie Picker at the Miami conference, Dimon acknowledged that if regulators approve Capital One-Discover tradehis bank would be eclipsed as the nation’s largest credit card lender.
But that didn’t stop him from praising Capital One CEO Richard Fairbank, who he credits with shaking up the bank card industry and ultimately leading Dimon to become the precursor to JPMorgan Chase more than 20 years ago. CEO.
“Richard is the reason I’m here,” Damon said. Of the deal, he added: “I’m not really worried, but we do track everything he does.”
Last week, Capital One announced the biggest merger proposal of the year that could transform the multi-trillion-dollar credit card industry. By acquiring Discover, Fairbank not only strengthens its position as a lender but also promotes the development of the smallest payment network. visa, MasterCard and American Express.
“Credit card businesses… they’re going to get bigger and bigger,” Dimon said. “They’re very good at it. I have a lot of respect for Richard Fairbank and Capital One.”
Dimon said it’s unclear whether Capital One can create a real alternative to the mainstream credit card networks with the deal.
He added that Capital One would have an “unfair advantage against us” when it comes to debit payments because legislation called the Durbin Amendment limits debit fees for big banks but not Discover or American Express. .
“Of course, I have questions about that,” Dimon said. “You know, why should they be allowed to price their debit cards differently than we do just because a law was passed?”
This story is developing. Please check back for updates.
