WBrief: Dimon gets rough with Basel III - Spear's Magazine

WBrief: Dimon gets rough with Basel III

Jamie Dimon, chief executive of JP Morgan, has sharply criticised US and global rules implemented since the credit crisis erupted two years ago, saying they will drive up costs and squeeze credit to a whole swathe of investors.

Jamie Dimon, chief executive of JP Morgan, has sharply criticised US and global rules implemented since the credit crisis erupted two years ago, saying they will drive up costs and squeeze credit to a whole swathe of investors.

His comments, media reports said, came after international bank regulators meeting in Basel, Switzerland, agreed at the weekend on new capital standards for banks in a bid to make the financial system more robust. Earlier this year, the US administration of president Barack Obama signed into law sweeping controls on bank activities, splitting off some of the trading functions of banks and curbing their involvement in areas such as hedge funds.

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