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Apollo and Blackstone happy with tighter banking rules

Jamie Dimon, CEO of JPMorgan Chase & Co., said at the Senate Banking Conference entitled “Annual Oversight of the World’s Largest Banks” in the Hart Building on Sept. 22, 2022. Testifying before the Commission on Housing and Urban Affairs.

Tom Williams | CQ-Roll Call Inc. | Getty Images

JP Morgan Chase Executives warned on Friday that tighter regulation following three bank failures this year would raise costs for consumers and businesses and force financiers to exit some businesses altogether.

when asked by wells fargo Analyst Mike Mayo on impact of changes proposed by Federal Reserve Vice Chairman for Oversight Michael Burr and speech Earlier this week, JP Morgan CEO Jamie DimoMr. n said other financial players could end up winning.

“This is hedge funds, private equity, private credit, Apollo, black stone“They’re dancing in the streets,” Dimon said, naming two of the largest private equity players.

Blackstone and Apollo did not immediately respond to requests for comment on Dimon’s remarks.

Banks face requirements from both U.S. and international regulators to hold more capital as a cushion against risky activities. Authorities are proposing higher capital requirements for banks with at least $100 billion in assets after the financial crisis. sudden collapse Appointed Silicon Valley Bank in March. But it also coincides with a long-awaited set of international rules called Basel III, triggered by the 2008 financial crisis. final stage.

Rise of shadow banks

Summarize this content to 100 words Jamie Dimon, CEO of JPMorgan Chase & Co., said at the Senate Banking Conference entitled “Annual Oversight of the World’s Largest Banks” in the Hart Building on Sept. 22, 2022. Testifying before the Commission on Housing and Urban Affairs.Tom Williams | CQ-Roll Call Inc. | Getty ImagesJP Morgan Chase Executives warned on Friday that tighter regulation following three bank failures this year would raise costs for consumers and businesses and force financiers to exit some businesses altogether.when asked by wells fargo Analyst Mike Mayo on impact of changes proposed by Federal Reserve Vice Chairman for Oversight Michael Burr and speech Earlier this week, JP Morgan CEO Jamie DimoMr. n said other financial players could end up winning.“This is hedge funds, private equity, private credit, Apollo, black stone”They’re dancing in the streets,” Dimon said, naming two of the largest private equity players.Blackstone and Apollo did not immediately respond to requests for comment on Dimon’s remarks.Banks face requirements from both U.S. and international regulators to hold more capital as a cushion against risky activities. Authorities are proposing higher capital requirements for banks with at least $100 billion in assets after the financial crisis. sudden collapse Appointed Silicon Valley Bank in March. But it also coincides with a long-awaited set of international rules called Basel III, triggered by the 2008 financial crisis. final stage.Rise of shadow banks”How much business would leave JPMorgan and the industry if capital adequacy was potentially higher than suggested?” Mayo asked.Chief Financial Officer Jeremy Burnham said banks will eventually raise end-user prices for loans and other products before making the decision to exit some sectors entirely.Burnham said: “As long as we have pricing power and higher capital requirements mean we are not generating adequate returns for our shareholders, we will try to repricing and see how that goes. I intend to,” he said.”If pricing doesn’t work, you may have to remix, which means exiting certain products and services,” he said. “That probably means those products and services leave the regulated perimeter and spill out elsewhere.”Tighter regulations after the 2008 financial crisis forced banks to exit businesses such as mortgages and student loans. For companies and institutional investors, acquisitions and other large loans are now more and more money by private equity players such as Blackstone and Apollo.This has contributed to the rise of non-bank operators, also known as the “shadow banking” industry, which has raised concerns among some financial experts as they are generally subject to less federal oversight than banks.
https://www.cnbc.com/2023/07/14/dimon-apollo-blackstone-tougher-bank-rules.html Apollo and Blackstone happy with tighter banking rules

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