JPMorgan Chase CEO Jamie Dimon says US ‘need to finish’ banking crisis

JPMorgan Chase CEO Jamie Dimon asserted on Thursday that it was time for US regulators to help put an end to turmoil in the banking industry. The billionaire however predicted that policymakers would take away the wrong lessons from this year’s upheaval.

“I think it’s going to get worse for banks — more regulations, more rules and more requirements. If you overdo certain rules, requirements, regulations — there are some of these community banks that tell me they have more compliance people than loan officers,” Dimon said in a Bloomberg Television interview on Thursday. 

He is currently the only major bank CEO from the financial crisis still in command. 

“We need to finish the bank crisis. Whatever the FDIC, the OCC, the Fed — whatever they need to do to make it better they should do,” Dimon said.

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Dimon also said that the bank was convening weekly meetings to discuss the implications of a potential US default. The "war room" will probably start daily meetings on May 21 before ramping up to three times a day if the debt limit standoff continues.

He however opine that regional banks were "quite strong" after reporting good earnings. Still, he added, the industry and regulators should "just be prepared for problems."

Dimon said that he expects more regulation on the banks, but stressed the need to proceed carefully. Dimon hopes regulators, including the US Securities and Exchange Commission, will look into short selling on bank stocks and potential collusion via social media posts.

(With inputs from agencies)