JPMorgan stockpiling cash, waiting for interest rates to rise - CEO
NEW YORK (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon said on Monday the bank is holding around $500 billion in cash, putting it in a position to benefit from higher interest rates.
"We've actually been effectively stockpiling more and more cash, waiting for opportunities to invest at higher rates," Dimon said during a virtual conference held by Morgan Stanley. "So our balance sheet is positioned (to) benefit from rising rates."
Dimon, who heads the largest U.S. bank by assets, said he expects rising inflation to result in higher interest rates over the next 9 months.
"I think you're also going to have a very, very strong economy," which will also benefit the retail bank, he said. "We try to take all that in consideration (when) we manage the balance sheet."
(Reporting by Elizabeth Dilts Marshall; Editing by Bernadette Baum)
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