‘It’s going to get worse for banks’ — JPMorgan CEO on overregulation

The CEO of JPMorgan Chase — which recently took over failed First Republic Bank — believes there could be more pain ahead for United States banks if the Federal Reserve goes into crisis mode with overregulation.

In a Bloomberg television

This is not the first time a JPMorgan executive has expressed issues with banking regulations in recent times.

Bob Michele, the chief investment officer of J.P. Morgan Asset Management stated in an April 27 Bloomberg television interview, that First Republic Bank’s liquidity issues “should never have happened,” as banking is the “most heavily regulated capitalized industry on the planet.”

In more recent news, it was reported on May 1 that JPMorgan is set to acquire First Republic Bank’s (FRB) assets, after its previous efforts to rescue it failed.

1/ On Monday, JPMorgan Chase acquired a substantial majority of assets and assumed certain liabilities of First Republic Bank from the FDIC. https://t.co/2a3bnTJJJW

— First Republic (@firstrepublic) May 5, 2023