Jamie Dimon, CEO of Morgan Chase, stated on Tuesday that his company would unlikely acquire another struggling lender following its government-brokered acquisition of First Republic Financial. “Unlikely,” was Dimon’s curt response to a shareholder who asked about acquisitions during the New York-based bank’s annual shareholder meeting. According to Dimon, the turmoil in mid-sized banks caused by the Silicon Valley Bank collapse in March demonstrates that meeting regulatory requirements alone is insufficient. “Regarding the current disruption in the U.S. banking system, most of these risks were hiding in plain sight,” Dimon said of the interest rate risks that helped topple SVB and First Republic.

As part of their questioning, investors of the largest bank in the country peppered Dimon and his managers with questions about the bank’s strategy, position on hot-button political issues, and use of AI tools such as ChatGPT, among other topics. The CEO said that JPMorgan is prepared for interest rates and inflation to remain higher for longer potentially. But “large geopolitical events,” cyber attacks, and market turmoil are Dimon’s larger concerns. Dimon spoke on the same day that former Silicon Valley Bank CEO Gregory Becker and two ex-Signature Bank executives testified before the Senate. All three executives pointed to “unprecedented” factors that led to sudden bank runs at their institutions.