Jamie Dimon Shows His Worries Regarding The Impact Of New Financial Regulations On Banks

In an interview with Eric Dash of The New York Times, Jamie Dimon says that he is neither the modern-day John Pierpont Morgan nor he is the new king of Wall Street. He stresses that he is most certainly not a BBF (best banker friend) of President Obama. Mr. Dimon claimed that he does not want to take a victory lap or bask in the adulation while his fellow banker chiefs are getting pounded. All this, because Mr. Dimon is very well aware of the dangers of getting overconfident as he has seen the fall of the mighty Wall Street kings like Sanford I. Weill of Citigroup C and Lloyd C. Blankfein, the chief of Goldman Sachs GS. Mr Dimon openly expressed his worries regarding new financial regulations, which are expected to be passed by the Senate today. These regulations will cost his bank billions and give another setback to the nervous economy. While Mr Dimon outlook was highly cautious and his tone highly subdued, the postcrisis era seems brighter than what Mr. Dimon is willing to accept. While the financial industry succeeded in blunting the toughest legislative proposals put forth in Washington, the torrent of losses on Wall Street is slowing. Moreover, all banks are minting money as a result of ultralow interest rates. The financial crisis faced by the country and the world has, however, strengthened Mr. Dimon’s reputation as a financial superstar. He is considered as a bold dealmaker who buys when the flock is selling. He has also emerged as a strict risk manager who defied the temptation of going along with the type of exotic businesses that led to the downfall of others. He is also known as a charismatic leader who has been successful in charming both the lawmakers and the credit traders.