JPMorgan’s Dimon Calls Basel Capital Rules ‘Anti-American’
In an era when the public’s view of bankers is less-than-positive, JPMorgan Chase Chief Executive Jamie Dimon has been one of the few who have not had their reputations blown apart and now he’s going to bat for U.S. banks.
A story from the Financial Times quotes Dimon calling Basel III capital rules ‘blatantly anti-American.’
He was referring to new capital requirements that call for banks to hold core tier one capital that equals 7% of risk-weighted assets. That number climbs to 9.5% for systemically important financial institutions like JPMorgan Chase, Citigroup and Bank of America.
More information on Basel III: