Mr. Vecchione said he had never spoken to Ms. Yellen or her staff before this year, and now he receives check-in calls from the deputy Treasury secretary, Wally Adeyemo.
He said he had been asking regulators lately, “Do you even want us to exist?”There is a model for a more concentrated banking sector.
In Canada, six banks dominate 90 percent of the market, versus about 50 percent for the six largest banks in the United States.
Experts say there is little incentive for banks in Canada to take outsize risks, though there is also relatively little competition, which means borrowers may face higher interest rates.
“I don’t think we want to get to the point of six banks, because that would really stifle lending,” said Ben Gerlinger, a regional bank analyst at Hovde Group.
Persons:
Jamie Dimon, Janet L, Yellen, Vecchione, Wally Adeyemo, ”, Ben Gerlinger
Organizations:
JPMorgan, Experts, Hovde Group
Locations:
Canada, United States