Jamie Dimon on Capital One’s $35.3 billion Uncover acquisition: ‘Allow them to compete’

Jamie Dimon, President & CEO,Chairman & CEO JPMorgan Chase, talking on CNBC’s Squawk Field on the World Financial Discussion board Annual Assembly in Davos, Switzerland on Jan. seventeenth, 2024.

Adam Galici | CNBC

JPMorgan Chase CEO Jamie Dimon is not nervous concerning the added competitors from a bulked-up Capital One if its $35.3 billion takeover of Uncover Monetary will get accredited.

“My view is, allow them to compete,” Dimon mentioned. “Allow them to strive, and if we predict it is unfair we’ll complain about that.”

Dimon, chatting with CNBC’s Leslie Picker from a Miami convention, acknowledged that if regulators approve the Capital One-Uncover deal, his financial institution shall be eclipsed because the nation’s largest credit-card lender.

However that did not cease him from praising Capital One CEO Richard Fairbank, who he credited with shaking up the cardboard business in a manner that finally led Dimon to changing into CEO of a predecessor agency to JPMorgan greater than 20 years in the past.

“Richard is why I am right here,” Dimon mentioned. Concerning the transaction, he added: “I am not nervous about it actually, however we do monitor every little thing he does.”

Final week, Capital One introduced the most important proposed merger of the 12 months and one that might remodel the trillion greenback credit-card business. By buying Uncover, Fairbank is each bulking up as a lender and boosting the smallest of the funds networks after Visa, Mastercard and American Specific.

“The bank card enterprise… they will be greater and [have] extra scale,” Dimon mentioned. “They’re superb at it. I’ve huge respect for Richard Fairbank and Capital One.”

It is unclear if Capital One can create a real different to the dominant card networks with this deal, Dimon mentioned.

He added that Capital One can have an “unfair benefit versus us” in debit funds, owing to the truth that laws referred to as the Durbin Modification caps debit charges for big banks, however not Uncover or American Specific.

“After all, I’ve an issue with that,” Dimon mentioned. “, like why ought to they be allowed to cost debit totally different than we worth debit simply due to a regulation that was handed?”

The largest query that continues to be is whether or not regulators will approve the deal; greater than a dozen Democrat lawmakers together with Sen. Elizabeth Warren signed a letter to the Federal Reserve and the Workplace of the Comptroller of the Foreign money on Sunday urging them to dam the deal.

“To guard customers and monetary stability, we urge you to dam this merger and strengthen your proposed coverage assertion to forestall dangerous offers sooner or later,” they wrote.


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