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JPMorgan CEO Warns New Rules Will Make Things Worse for Banks
Posted
May 11, 2023
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May 11, 2023
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1:00Now PlayingJamie 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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