Jamie Dimon Photo source Company’s Website
Jamie Dimon, the CEO of JPMorgan Chase, is sick and tired of too many federal regulations that he feels are hampering the markets and is not going to take it anymore, or so it seems. Dimon vented his frustrations when speaking to a conference of bankers in New York.
However, Jamie Dimon thinks that most of his fellow financial executives are too timid to do anything about this out of fear of some sort of retribution saying, “Many banks are afraid to fight with their regulators, because they would just come and punish you.”
“We don’t want to get involved in litigation just to make a point. But I think if you’re in a knife fight you better damn well bring a knife,” he added. “We are suing our regulators over and over and over because things are becoming unfair and unjust, and they are hurting companies, a lot of these rules are hurting lower paid individuals.”
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“The biggest problem I have with all these overlapping rules is that we are not stepping back and saying, what could we do better to make the system work better,” said Dimon about the problems caused by too many regulations.
Jamie Dimon is an American billionaire business executive and banker who has been the chairman and chief executive officer (CEO) of JPMorgan Chase since 2005. He is considered one of the most powerful and influential people in the world.
Dimon was born in New York City in 1956. He graduated from Tufts University in 1978 and Harvard Business School in 1982. After working at Goldman Sachs and American Express, he joined Commercial Credit in 1988. In 1998, he became president of Travelers Group, and he oversaw its merger with Citicorp in 1999.
In 2005, Jamie Dimon became CEO of JPMorgan Chase. He steered the bank through the financial crisis of 2008, and he has since grown it into the largest bank in the United States by assets. Dimon is a controversial figure, but he is widely respected for his business acumen and his leadership.
