Dimon Says European Regulators Should Let Banks Do Their Job

European bank regulators should get out of the way and let banks there “do their job,” JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said. “They did the stress tests and most of the banks did fine,” Dimon, 60, said Monday in a CNBC interview from California during the company’s annual bus tour. “Continue pounding them and changing the rules and requirements is not good for the people of those countries, because you’re destabilizing a financial system.” Last week’s European bank stress tests showed that many lenders still need to lift their capital levels, and some need to do it quickly. While there was no pass or fail mark, two of the 51 banks tested by the European Banking Authority — Banca Monte dei Paschi di Siena SpA and Allied Irish Banks Plc — fell below the regulatory minimum threshold, the regulator said Friday. JPMorgan is among a group of banks that is helping Monte Paschi sell as much as 5 billion euros ($5.59 billion) of stock to replenish capital following the disposal of its entire bad-loan portfolio.

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