Jamie Dimon, CEO of JPMorgan Chase, testifies during the Senate Banking, Housing, and Urban Affairs Committee hearing titled Annual Oversight of the Nations Largest Banks, in Hart Building on Sept. 22, 2022.
"This is great news for hedge funds, private equity, private credit, Apollo , Blackstone ," Dimon said, naming two of the largest private equity players.
Banks face requirements to hold more capital as a cushion against risky activities from both U.S. and international regulators.
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 that also coincides with a long-awaited set of international rules spurred by the 2008 financial crisis referred to as the Basel III endgame.
Persons:
Jamie Dimon, JPMorgan Chase, Wells, Mike Mayo, Michael Barr, Blackstone, Dimon, Apollo didn't, Banks
Organizations:
JPMorgan, Banking, Housing, Urban Affairs Committee, Nations Largest Banks, Federal, Silicon Valley Bank
Locations:
Wells Fargo, Silicon, Basel