'It's only going to get worse for banks' if federal regulators go overboard on regulating banks, says JPMorgan CEO Jamie Dimon.
The CEO of JPMorgan Chase — which recently took over failed First Republic Bank — believes there could be more pain ahead for United States banks if the Federal Reserve goes into crisis mode with overregulation.on May 11, JPMorgan Chase Chair and CEO Jamie Dimon said he believes it's “going to get worse for banks” unless the Federal Reserve takes proactive measures beyond simply creating more regulations.Three major U.S.
However, Dimon believes adding more regulations to The Federal Reserve’s already 200,000-page long stress test is not the solution to the current banking crisis. He further questioned the effectiveness of stress tests, as companies that completely focus on “that one stress test,” could be overlooking issues, such as historical events that “always happen” again.Dimon suggested that that the Federal Reserve never saw issues emerging in the banking industry, noting that “not one Fed governor forecasted” the banking crisis.
Bob Michele, the chief investment officer of J.P. Morgan Asset Management stated in an April 27 Bloomberg television interview, that First
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