NEW YORK — JPMorgan Chase chief executive Jamie Dimon continued to bash global banking regulations Wednesday, while at the same time vigorously defending his own bank’s capital and business positions, including increasing exposure to Europe’s stressed countries.
In a speech at a Goldman Sachs financial- services conference, Dimon sounded defiant on several topics but especially continued to criticize global regulations that look to force banks of JPMorgan’s size to hold more capital, trim some trading operations and shrink risky assets.
Dimon showed a chart he referred to as a “spaghetti chart” listing in great complexity the reach of global regulators and warned that future, hypothetical regulators will see there have been missteps.
“I’m quite convinced Ben Bernanke Jr. will write a book and show the market slowed down,” Dimon said.
As for JPMorgan, he remained bullish on its ability to thrive even among the gloomiest predictions. He said the upcoming stress tests from the Federal Reserve, which are testing how banks would react in severe downturns, will show most U.S. banks are already holding more capital than is needed to easily get by. He said that even if the extreme scenarios — which include an unemployment rate of 13 percent — lasted a full year, JPMorgan would still make money throughout.
Dimon gave several forecasts for the fourth quarter, which in sum showed still- weak investment-banking and mortgage results. Dow Jones Newswires
