Not diggin’ Basel.
JPMorgan Chase CEO Jamie Dimon said the U.S. should look at leaving the Basel group of regulators over the weekend in an interview with the Financial Times. While Dimon said he did support regulations requiring the banks to have additional capital, he argued that the move to impose an additional charge on large banks went too far.
He said, “I’m very close to thinking the U.S. shouldn’t be in Basel anymore. I would not have agreed to rules that are blatantly anti-American.” He went on, “Our regulators should go there and say: ‘If it’s not in the interests of the U.S., we’re not doing it.’”
Basel III capital rules require banks to bring their tier-one capital ratios to 7.5%, while the largest banks, such as JPMorgan Chase, are required to bring their ratios to 9.5%. Dimon added that he believes this could hit investment banking activity in the U.S. because Asian banks could wind up taking away market share from American countries due to the combination of domestic and global rules.
JP Morgan Chase (JPM : NYSE : US$32.42), Net Change: 0.34, % Change: 1.06%, Volume: 52,181,087
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