WASHINGTON (Reuters) - JPMorgan (JPM.N) Chief Executive Jamie Dimon said on Friday the company is “thinking about what we want to do” about releasing the results of a government stress test on the company.
Dimon said the company already conducts stress tests on its performance and makes regular disclosures, but would not say that JPMorgan will make public the results of the regulators’ test.
The U.S. government is testing 19 of the largest U.S. banks to see how they would perform under more adverse economic conditions than they are expected to face. Officials have said the tests are not pass/fail, and are instead designed to determine the amount of capital they might need if conditions further deteriorate.
The government has until the end of April to complete the tests.
Dimon, speaking after a meeting with President Barack Obama and other top bank CEOs, also said that “we don’t need the money, we don’t need the capital” when asked if JPMorgan planned to participate in the government’s toxic asset plan.
The U.S. Treasury Department on Monday provided more details on a government plan to cleanse banks’ balance sheets of up to $1 trillion in distressed assets.
Further, Dimon said the mark-to-market accounting guidance that the Financial Accounting Standards Board (FASB) has proposed will “mean almost nothing to us” but might help some other banks.
FASB plans to vote next week on the guidance, which would give banks more leeway to interpret how they should apply mark-to-market accounting standards.
Mark-to-market accounting is aimed at giving investors an accurate view of financial companies’ books, but some banks and lawmakers have blamed the rules for accelerating the financial crisis.
Reporting by Karey Wutkowski