‘Forever Lost’
Dimon said JPMorgan has been working closely with the government during the crisis, but the bank “will not request any regulatory relief” for itself. Still, regulators could change capital and liquidity requirements to help more capital flow through the system, he said.
“Some rules can improperly prevent healthy, well-capitalized banks from lending freely in times of stress,” Dimon said. “This can hurt customers as the crisis deepens. Leaving high-quality, available liquidity undeployed in times of need is an opportunity forever lost.”
He applauded recent actions by U.S. Department of Treasury and the Federal Reserve, which he said helped mitigate the economic impact of the virus.
Until last year, the annual missives had gradually gotten longer, more than tripling in length since Dimon took over as CEO of JPMorgan at the end of 2005. The CEO writes the letters himself but drafts are reviewed and edited by the bank’s legal, accounting, compliance, public relations and government affairs teams before they’re published.
This article was provided by Bloomberg News.