JPMorgan boss talks up US
(24 June 2011 – Australia) United States JPMorgan boss Jamie Dimon is in Australia to spread the work that the US economy is not nearly as gloomy as some would believe.
In an interview with The Australian, he played down concerns about the Greek crisis and talked up the chances of a sustained recovery in the US economy.
Dimon argued there had been a typical over-reaction to the crisis, with boards too conservative and too much new regulation.
This is Dimon's first visit to Australia in five years, and is part of his regular trip to market the bank to Australian clients and spread the good word to staff in his famous 'town hall' meetings.
Dimon, a member of the New York Federal Board and bank chief executive, hit the headlines earlier this month at an international bankers forum in Atlanta when he questioned Federal Reserve board chief Ben Bernanke about the increases in regulation, warning that too much would slow the economy.
His argument, which is echoed by comrades in Australia, is that when banks are forced to hold too much capital, they can't lend money - and that may stop the economy growing.
Dimon argued there had been a typical over-reaction to the crisis, with boards too conservative and too much new regulation.
This is Dimon's first visit to Australia in five years, and is part of his regular trip to market the bank to Australian clients and spread the good word to staff in his famous 'town hall' meetings.
Dimon, a member of the New York Federal Board and bank chief executive, hit the headlines earlier this month at an international bankers forum in Atlanta when he questioned Federal Reserve board chief Ben Bernanke about the increases in regulation, warning that too much would slow the economy.
His argument, which is echoed by comrades in Australia, is that when banks are forced to hold too much capital, they can't lend money - and that may stop the economy growing.
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