JPMorgan Chase CEO Jamie Dimon said U.S. bank regulators should not set capital requirements in an artificially high way, intensifying his criticism of new rules he says unfairly penalize his bank. Speaking during a quarterly earnings call, Dimon called proposals to change how lenders calculate loss-absorbing funds "unfair" and said they disproportionately affect big diverse banks while benefiting Wall Street trading giants. He argued regulators should not manipulate the numbers to make capital requirements higher, adding that if they believe more capital is needed they should ask directly. JPMorgan has said it would face a roughly 4% capital increase under the new drafts, while competitors would see an average 4.8% reduction. The comments highlight a growing rift between the largest U.S. bank and regulators, even as the latest proposals are seen as more industry-friendly than the original 2023 version.
JPMorgan Chase & CoDimon criticizes proposed capital rules that would increase JPMorgan's requirements by 4% while reducing competitors' by 4.8%, putting JPMorgan at a disadvantage.