JPMorgan's Dimon says leverage levels normalizing

WASHINGTON (Reuters) - JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) Chief Executive Jamie Dimon said on Thursday that financial institutions are closer to reducing their borrowings to the levels that regulators and the markets are looking for.

Financial institutions, include banks and brokerages, are reducing their borrowings relative to assets in a bid to shore themselves up amid the credit crunch.

That process, which can entail shedding assets, issuing equity or paying off debt, has been painful for many banks and brokers.

Dimon, speaking at a conference, also said that JPMorgan Chase hopes to close on its acquisition of Bear Stearns Cos Inc BSC.N around June 1.

JPMorgan Chase agreed to buy Bear Stearns in March after what was once the fifth-largest U.S. investment bank experienced a run on the bank.

(Reporting by Rachelle Younglai; Writing by Dan Wilchins; Editing by Brian Moss)