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Dimon Says He Intends to Run JPMorgan for “Three, Five Years or More”

01.01.70

“Some of the rules in Basel III are directly aimed at just American banks. They don’t have those kind of assets overseas. So that’s number one. Number two, how they do risk rate assets, it’s quite clear that in certain parts of the world, they’re much more aggressive in that. So that is clearly against American banks. Some of the things that were done weren’t done by European regulators, they were done by us.  We can — we don’t — we can’t use preferred stock. That was taken out of the rules here for capital.  They can use preferred stock overseas, which is a cheap form of capital. Volcker, when that was originally done, I remember Paul Volcker saying everyone is going to do it. Well, you know what? The rest of the world said no way. So that applies just to us. American companies, wherever they do business, have to do it under different requirements than overseas. Then that business will simply move to Deutsche Bank.”

Source: Wall Street Pit