JPMorgan Chase CEO Jamie Dimon told an industry conference the bank could deploy up to $20bn on a strategic acquisition within the next two years. The prospect follows a surge of excess capital freed by the Trump administration’s lighter regulatory stance. Dimon warned that valuations are high, including the bank’s own share price, but said the firm remains patient with its capital.

Dimon noted JPMorgan will sit on roughly $40‑$50bn of capital above regulatory requirements after accounting for the $105bn earnings guidance. The bank recently posted a 10% rise in investment‑banking fees and an 11% jump in trading revenue for Q2, and buoyed by strong loan demand, while planning a modest $1bn increase in operating expenses to $106bn.

Previous large‑scale purchases such as Bear Stearns, Washington Mutual and First Republic have propelled JPMorgan to the top of U.S. banks by assets, now valued over $800bn. With share buybacks already consuming a record $33bn this year, any new deal would have to justify a premium price. The bank’s next move will test how effectively it can translate abundant capital into earnings growth.