Jamie Dimon, JPMorgan Chase's chief executive, yesterday hit out at strict new rules on US credit cards, saying they will cost the bank's lossmaking card unit up to $700m next year.
His comments came after JPMorgan underlined its status as one of the winners from the crisis, beating analysts' expectations with second-quarter earnings of $2.7bn, up 36 per cent from a year ago, thanks to strong investment-banking revenues. The bank's performance follows news of surging profits at Goldman Sachs.
Mr Dimon said that, while JPMorgan supported most of the reforms introduced by the US government in the wake of the crisis, some of the “fast and furious” regulatory activity had gone “a little bit too far”.
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