JPMorgan: Dimon vows to earn it all back
Chairman calls rules misconceived; Wants help against foreign competition
"When the rule was 2%, we ran at 7%, but if the rule is 7% we’re not going to run at 14%. If Basle III is 7% or 8%, we’re going to run very close to it"
Jamie Dimon, JPMorgan
Jamie Dimon, chairman and chief executive of JPMorgan Chase, was on typically feisty form, presenting to investors at the Barclays global financial services conference last month.
He’s not pleased at having to shift large portions of the firm’s credit and commodity derivatives business into a new separate subsidiary. "It is a real pain, it’s an operational nightmare. In my opinion it is misconceived. It doesn’t reduce risk at all. In fact it probably complicates it for some people. We can do it. But for clients, you are now facing two legal entities."
It sums up his attitude to the new regulations, following the passage of the Dodd-Frank Act and Basle III proposals. "We think some of the reforms will make the world a better place and the business better and more stable.