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JPMorgan CEO Jamie Dimon calls Frank acquisition a 'huge mistake'

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JPMorgan CEO Jamie Dimon called the bank's acquisition of fintech Frank a 'huge mistake' after being grilled about it on an earnings call

in the run up to the bank's investor day last May.

"We'll tell you the lesson we learned here when this thing is out of litigation. But we're quite comfortable," Dimon said of his bank's acquisition due diligence. Dimon sidestepped Mayo's questions about which executives within the bank bear responsibility for Frank — as well as other fintech purchases, should they run into similar issues.

But JPMorgan's aggressive approach to investing in startups hasn't been limited to its consumer banking efforts. In 2020,how JPMorgan spun up a"rapid proof-of-concept" model to speed along startup investments within its corporate and investment banking division. That team was headed by Michael Elanjian, who now leads digital investment banking at JPMorgan, according to his LinkedIn.

 

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