Despite announcing a $4.9 billion profit, JPMorgan CEO Jamie Dimon said banks are “under assault” by government regulators.
The profit, while lower than last year’s, capped “a record year for the biggest U.S. bank by assets,” according to the Huffington Post. Dimon said that overlapping regulators have made it difficult for his banks to profit, mostly due to billions of dollars in legal fees paid to settle charges that JPMorgan Chase manipulated currency markets.
“We have five or six regulators or people coming after us on every different issue,” Dimon told reporters after his company posted its fourth-quarter results. “It’s a hard thing to deal with."
“In the old days you dealt with one regulator when you had an issue, maybe two,” he added. “Now it’s five or six. It makes it very difficult and very complicated. You all should ask the question about how American that is. And how fair that is. And how complex that is for companies.”
JPMorgan, the largest bank in the U.S. by assets, paid $14 billion in fines and settlements over the past two years relating to trading losses, manipulation and issuing bad mortgages. According to reports, Dimon didn’t deny wrongdoing in the case of their most recent settlement involving the manipulation of Libor rates.
"Obviously, companies make mistakes,” he said. “We try to resolve it, we try to fix it, we admit it." In the same two-year period, JPMorgan earned $39.7 billion in net income.
Despite regulators requiring that JPMorgan bring in $20 million in additional capital by 2019, Dimon said his company is “as sound as it gets.”
“The regulators clearly want even more capital,” Dimon said. “We’ll meet those requirements. But those measures aren’t a measure of risk at all. It is simply a measure of size.”