It's worth remembering that JPMorgan Chase (NYSE: JPM), led by CEO Jamie Dimon, pulled off quite a coup in the financial crisis. It paid $3 billion for Bear Stearns and Washington Mutual, which in hindsight look like deals well worth the costs.

The bank seems to be turning the corner on the tricky integration issues, and both deals appear to have bolstered its position in key markets. In the case of the prime brokerage market, the deal for Bear Stearns made it an instant powerhouse. So what's the downside of all this? The bank is now heavily dependent on the North America financial services market, suggests the Financial Times.

Indeed, last year, JPMorgan derived more than 75 percent of its revenues from the United States. That's seen as something of problem now that other top banks--notably Citigroup--are looking abroad, where growth rates could be higher over the next several years, to goose domestic sluggishness.

"It is not a coincidence that, just as the arduous and costly integration of WaMu and Bear is ending, Mr Dimon's top team has increased its focus, and expenditures, on winning more business overseas and scouring for international acquisitions," notes FT.

So are some big deals coming? My sense is that the bank is much more comfortable will smaller-scale, fill-in deals that fall well short of "transformative." But it will be interesting to see what kind of deals come soon.

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