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CORRECTED-JPMorgan stockpiling cash, waiting for interest rates to rise -CEO

·1 min read

(Corrects June 14 story to clarify that Dimon believes rising inflation will eventually lead to higher interest rates, and that the bank's investing decisions depend on internal choices it makes in the next 6-9 months. Previously, story stated that Dimon believes rising inflation will result in higher rates over the next 9 months.)

NEW YORK, June 14 (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 believes that rising inflation will eventually lead to higher interest rates, and that the bank's investing decisions depend on internal choices it makes in the next 6-9 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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