According to JPMorgan’s CEO, The Banking Situation Will be Worse

The chief executive officer of JPMorgan Chase, which has bought the insolvent First Republic Bank, says that if the Federal Reserve overregulates more US banks will collapse. JPMorgan Chase Chairman and CEO Jamie Dimon expressed concern that “it’s going to get worse for banks” if the Federal Reserve does not take action beyond developing new rules in a May 11 Bloomberg television interview.

CEO of JPMorgan: “It Was a Supervisory Problem”

Signature Bank, Silicon Valley Bank, and First Republic Bank are just three major US banks that failed in the first few months of this year.
Dimon claimed it was “a supervisory problem” in which CEOs and bank board members are to blame because of supervisors’ excessive emphasis on compliance. However Dimon does not think that the present financial issue can be solved by adding additional restrictions to the Federal Reserve’s stress test, which now stands at over 200,000 pages.

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