JPMorgan Chase is expecting to spend $12 billion this year on technology — slightly more money than all of the assets of Berkshire Hills Bancorp in Massachusetts.
But Berkshire CEO Nitin Mhatre is undaunted. Mhatre, who took the reins of the $11.6 billion-asset company last year, has begun partnering with the same fintech sector that JPMorgan CEO Jamie Dimon is bent on defeating.
At a time when many small banks are being sold to larger competitors, rather than trying to keep pace in the technology race, Mhatre said fintech partnerships will help fend off potential buyers and avoid the temptation to acquire a smaller bank.
Scott Henrichsen Photographer
Bank M&A is a “distraction,” he said during a brief interview at the Consumer Bankers Association’s annual conference in San Antonio. He added…
