Regulation

Dimon: ‘We’re Going To Satisfy The Regulators’

Dimon and banking

Things are looking up, for JPMorgan and for banking in general.

So opined JPMorgan’s head, Jamie Dimon, during a Wednesday (May 11) chat on CNBC, in which he commented that some asset classes are seeing growth. He added: “Bond markets seem to be rather wide open. There is a lot of M&A chatter. It’s obviously far better in April and May than it was in January and February.”

“The name of the game is faster, cheaper and better for our customers,” he stated.

With a nod toward the election that is speeding along to voting in November: “I’m hoping whoever becomes president, the American economy continues to do well. I do think if the next president does the right things around immigration, corporate and individual tax reform, proper infrastructure spending, America will be booming.”

In reference to regulations directly impacting the banking industry, Dimon promised that “we’re going to satisfy the regulators” and noted: “When I travel around America, I get a huge amount of complaints about regulation. Small business, middle market, large companies. I mean there is no question that it is part of what is slowing down the American economy.” He added that the next president should “look at them and clean them up.”

And in a statement surrounding relationships with smaller community banks, the banking heavyweight said: “We are one of the biggest bank to community banks … I’m completely sympathetic to the community bank saying that some of these regulations ‘are killing us.’ And I agree with that.” The community banks, he said, should have regulatory burdens reduced, even if larger players do not see the same regulatory relief.

——————————–

Featured PYMNTS Study:

More than 63 percent of merchant service providers (MSPs) want to overhaul their core payment processing systems so they can up their value-added services (VAS) game. It’s tough, though, since many of these systems date back to the pre-digital era. In the January 2020 Optimizing Merchant Services Playbook, PYMNTS unpacks what 200 MSPs say is key to delivering the VAS agenda that is critical to their success.

Click to comment

TRENDING RIGHT NOW