(MSN) - JPMorgan is the biggest US bank by assets and a bellwether for the global financial system - so when the firm's senior leaders talk, Wall Street pays attention.
- JPMorgan, headed up by CEO Jamie Dimon since 2005, is the biggest US bank by assets.
- The firm's Q3 earnings beat analyst expectations, buoyed by record M&A fees.
- Dimon said the bank will spend as necessary to compete with threats like buy now, pay later.
The firm's third-quarter results beat analyst expectations, driven by strong performance in the investment bank driven by M&A advisory fees that nearly tripled during the period.
During Wednesday's earnings call, analysts asked bank leaders how JPMorgan was responding to the threat posed by fintechs and buy now, pay later options like Affirm and Klarna. CEO Jamie Dimon said the firm would spend "whatever it takes" to beat the competition, adding that as companies expand beyond just BNPL into other offerings like debit cards, they become even more of a threat.
"These are all different forms of competition which we have to respond to," Dimon said.
It's not the first time Dimon has sounded an alarm on the threat fintechs pose to traditional Wall Street banks. During JPMorgan's year-end earnings call in January, Dimon said that the firm should be "scared shitless" about the growth in fintech.
"I expect there to be very tough, brutal competition in the next 10 years," Dimon said in January. "I expect to win. So help me, God."
The bank has taken steps in this direction through at least seven consumer-facing acquisitions so far in 2021. That buying spree included a deal for The Infatuation, a restaurant-review website that owns Zagat, which will be incorporated into the bank's cards-rewards business. And JPMorgan has a $12 billion annual budget for internal tech development.
