Jamie Dimon wants to go shopping. The JPMorgan Chase CEO said the bank could spend up to $20 billion on an acquisition in the next few years, a figure that would rank among the largest deals in banking history if it materializes.

Where the money could go

Dimon has flagged two sectors as particularly interesting targets: payments and asset or wealth management.

For context, JPMorgan already demonstrated its appetite for large portfolio acquisitions. The bank took over the Apple Card portfolio from Goldman Sachs in a transfer valued at roughly $20 billion, absorbing a consumer credit business that Goldman had struggled to make profitable.

The $19.8 billion tech budget tells the real story

While the acquisition talk grabs headlines, JPMorgan’s technology budget for 2026 might be the more revealing number. The bank has earmarked $19.8 billion for tech spending, roughly a 10% increase from 2025, with artificial intelligence as the primary driver.

The crypto angle Dimon won’t talk about (but his bank will)

In May 2025, JPMorgan announced it would allow clients to purchase Bitcoin directly through the bank. The catch: JPMorgan won’t hold the Bitcoin for you. No custody services.

Beyond Bitcoin access, the bank has been expanding into stablecoins and tokenization. JPMorgan has made comments about interest-bearing stablecoins, suggesting the bank sees a future where blockchain-based financial products coexist with traditional banking rails.

What this means for investors

Dimon has noted that evolving regulatory conditions could open doors for deals that weren’t previously possible, with the current environment appearing more permissive, particularly for deals that don’t raise concentration concerns in traditional lending.