JPMorgan CEO Warns New Rules Will Make Things Worse for Banks

Jamie Dimon said it’s time for regulators to help put an end to turmoil in the banking industry, but he’s already predicting policymakers will take away the wrong lessons from this year’s upheaval.

“I think it’s going to get worse for banks — more regulations, more rules and more requirements,’’ JPMorgan Chase & Co.’s chief executive officer said in a Bloomberg Television interview from Paris Thursday. “If you overdo certain rules, requirements, regulations — there are some of these community banks that tell me they have more compliance people than loan officers.’’

The only major bank CEO from the financial crisis still in command, Dimon has played a central role in the reaction to the industry’s worst period of tumult in more than a decade. He brought his typical blunt style to critiques of regulators and fellow bankers, spearheaded an industry lifeline to First Republic Bank and ultimately stepped in to buy the lender last week when those efforts proved insufficient.

“We need to finish the bank crisis,’’ Dimon said. “Whatever the FDIC, the OCC, the Fed — whatever they need to do to make it better they should do.”

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[johna]

Totally honest and trustworthy guy right here. Not a proven liar or anything. On a side note, Bloomberg - your org is pathetic

[yes]

70% of Americans live paycheck to paycheck. Corporate profits are at a 70-year high.

[drsuzuki]

Jesus choose Judas Iscariot to carry the money bag. Judas was a banker.

[Liverlicker]

Get rid of FDIC. Force banks to make sound investments and make them provide insurance. Not the tax payer. Banks will continue to make risky investments because they know the tax payer will bail them out.

[GorgiRO]

how about banks are not greedy ? how about returning to the gold standard, or eliminate fractional reserve banking?

[howardgootkin]

He is plainly biased and self interested. His opinion is of little value.
I have no idea how he got elevated to elder statesman

[Teeveepicksures]

This dude needs the Mussolini treatment

[dungeness]

The "new" rule are not NEW. Not even going back to the regulation era before the previous GOP Administration. Need to re-separate the banking and investment divisions of these mega-banks. Restore Glass-Steagall immediately

[travel]

He is a liar, saying thing are great but he keeps being failling banks each time 😂😢

[janpacana]

But what if the bank collapses who pays for the deposits, if less regulations

[eliz]

Sorry, but YOU have no business complaining about regulations- you’ll still be a multimillionaire, billionaire? Whereas, as a Chase customer, I live pay check to paycheck, I can barely make it each month.

[mrwinru]

Where was this complaint before Trump's deregulation?

[Popunkwillneverdie]

He's not a liar He's a victim of circumstances that have nothing to do with him but we all expect him to make miracles happen