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Apollo is happy with Blackstone Bank’s strict rules.

Jamie Dimon, CEO of JPMorgan Chase, testifies during the Senate Banking, Housing, and Urban Affairs Committee’s Annual Oversight of Major Banks, Sept. 22, 2022, in the Hart Building.

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

JP Morgan Chase Executives warned on Friday that tighter regulations in the wake of three bank failures this year would increase costs for consumers and businesses, while forcing some lenders to exit the business altogether.

When asked by Wells Fargo Analyst Mike Mayo discusses the impact of changes proposed by Federal Reserve Vice Chair for Supervision Michael Barr. speech Earlier this week, JPMorgan CEO Jamie Dimon said other financial players could be winners.

“This is great news for hedge funds, private equity, private credit, Apollo, Black room” Dimon said, naming two of the biggest private equity players. They are dancing in the streets.

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

Banks face requirements from both US 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 sudden collapse of Silicon Valley Bank in March. But it also coincides with a long-awaited set of international rules spurred by the 2008 financial crisis known as Basel III. End game.

The rise of shadow banks


Source by [CNBC News]



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