{"id":1930000,"date":"2023-05-12T18:57:47","date_gmt":"2023-05-12T22:57:47","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/regulators-will-need-to-intervene-in-banking-crisis-jpmorgan-ceo-says\/"},"modified":"2023-05-12T18:57:47","modified_gmt":"2023-05-12T22:57:47","slug":"regulators-will-need-to-intervene-in-banking-crisis-jpmorgan-ceo-says","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/regulators-will-need-to-intervene-in-banking-crisis-jpmorgan-ceo-says\/","title":{"rendered":"Regulators Will Need to Intervene in Banking Crisis, JPMorgan CEO Says"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fregulators-will-need-to-intervene-in-banking-crisis-jpmorgan-ceo-says%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1930000&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p> \t\t\t\t\t\tJPMorgan Chase CEO Jamie Dimon has proposed a plan to end the turmoil in the banking industry, one that would involve government intervention. Still, the banker expressed concerns that policymakers will take away the wrong lessons from the current upheaval.<\/p>\n<p> \u201cI think it\u2019s going to get worse for banks\u2014more regulations, more rules, and more requirements,\u2019\u2019 he said in a May 11\u00a0interview with Bloomberg Television. \u201cIf you overdo certain rules, requirements, regulations\u2014there are some of these community banks that tell me they have more compliance people than loan officers.\u2019\u2019<\/p>\n<p> Dimon said he believes that banks should have been encouraged to look more broadly at potential pitfalls rather than focusing on one annual stress test that ran hundreds of thousands of pages.<\/p>\n<p> At the same time, four regional firms have collapsed amid steep Federal Reserve interest rate hikes and deposit outflows, leading to investor concern about the strength of the industry. Despite JPMorgan\u2019s purchase of First Republic and Dimon\u2019s declaration that \u201cthis part of the crisis is over,\u201d the CEO acknowledged that the regional-bank sector is still facing challenges.<\/p>\n<p> \u201cIt may take a few banks down; that\u2019s normal stuff. \u2026 That isn\u2019t abnormal,\u201d\u00a0he said.<\/p>\n<p> Dimon nonetheless believes that the industry is \u201cquite strong\u201d and that \u201cwe\u2019re getting near the tail end\u201d of the problem.<\/p>\n<p> His assessment isn\u2019t shared by all members of his staff, who have told him that short sales aren\u2019t to blame for the drop in regional-bank share prices. Nonetheless, he said he believes that individuals engaged in collusion or short selling and making negative comments about a bank should be punished to the fullest extent of the law.<\/p>\n<p> US Debt Crisis and the Chinese Economy In the wide-ranging interview, Dimon also discussed JPMorgan\u2019s preparations for a potential U.S. default and his assessment of the state of U.S.\u2013China relations. He warned that losses on commercial real estate loans would likely lead to more regional bank failures and urged U.S. leaders to avoid measures that would limit trade with China.<\/p>\n<p> \u201cAmerica and China have a lot of common interests\u2014climate, nuclear proliferation, anti-terrorism, global stability,\u201d the CEO said. \u201cAnd we have differences. We\u2019re capitalists; they\u2019re not. It\u2019s OK. We can sort it out.\u201d<\/p>\n<p> Dimon has long advocated for eliminating the U.S. debt ceiling and said JPMorgan has convened a weekly war room to plan how the bank, the country\u2019s largest lender, would react to a potential default. He said he anticipates that if the standoff persists, the meetings will occur more frequently, potentially multiple times per day.<\/p>\n<p> Despite the ongoing turmoil in the banking industry, JPMorgan\u2019s shares have been largely immune to the pressures plaguing its smaller rivals. The bank reported an unexpected jump in deposits in the first quarter in a flight to safety. It outbid other lenders for First Republic after the San Francisco-based firm became the second-biggest bank failure in U.S. history. Dimon said he sees an opportunity to expand JPMorgan\u2019s wealth-management offerings by leveraging First Republic\u2019s relationships with wealthy clients.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JPMorgan Chase CEO Jamie Dimon has proposed a plan to end the turmoil in the banking industry, one that would involve government intervention. Still, the banker expressed concerns that policymakers will take away the wrong lessons from the current upheaval. \u201cI think it\u2019s going to get worse for banks\u2014more regulations, more rules, and more requirements,\u2019\u2019<\/p>\n","protected":false},"author":1,"featured_media":1930001,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[14689,3850,6170,4800,12519,9830],"class_list":["post-1930000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-banking","tag-ceo","tag-crisis","tag-intervene","tag-jpmorgan","tag-regulators"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1930000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1930000"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1930000\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1930001"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1930000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1930000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1930000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}