FRANKFURT, April 18 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". [ID:nLDE6301Y]
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)