JPMorgan chief warns of overregulation: report

FRANKFURT Sun Apr 18, 2010 11:19am EDT

The JP Morgan and Chase headquarters is seen in New York in this January 30, 2008 file photo. REUTERS/Shannon Stapleton

The JP Morgan and Chase headquarters is seen in New York in this January 30, 2008 file photo.

Credit: Reuters/Shannon Stapleton

FRANKFURT (Reuters) - The head of JPMorgan Chase & Co (JPM.N) in a German newspaper interview on Sunday turned against the possibility of stricter bank regulation and asked for better access for bankers to politicians.

"When profits fall too sharply then capital will move somewhere else, where there is more money to be earned, for example non-regulated markets," Chief Executive Jamie Dimon said in the German mass circulation Sunday paper Welt am Sonntag.

"The question is, is that what regulators want?," said Dimon who heads the second-largest U.S. bank.

Dimon has been an outspoken critic of the Obama administration's proposed financial regulatory reforms, particularly of a proposed bailout fee on big banks which he has called a "punitive bank tax.

In the German interview, he also said the banking industry could do with more influence on politicians.

Both the industry and government wanted what was best for their country and the economic system but there were areas where the banks lacked possibilities to demonstrate their arguments to politicians and supply them with the right facts, he said.

(Reporting by Vera Eckert; editing by Elaine Hardcastle)