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Friday's Headlines: Jamie Dimon's anger at regulators backfires on banks

J.P. Morgan CEO Jamie Dimon's aggressiveness may have undermined the banking sector's push against regulators, as fallout from a recent altercation with Canadian central bank head Mark Carney shows, Reuters reports.

Last week, at a meeting between Carney and the world's top bank chiefs, Dimon lashed out about the onslaught of new regulations. He called new liquidity rules "cockamamie nonsense," arguing they were detached from reality and made up by regulators and academics without market experience. Dimon's tone infuriated Carney who left the room "red-faced" and "visibly angry," according to Reuters.

"Once viewed as a star for helping the U.S. government prop up the now-defunct Bear Stearns during the 2008 financial crisis, Dimon is in danger of becoming a pariah among global supervisors," Reuters writes. "By attacking someone who could become the head of an influential regulatory body, Dimon may have undermined the banking community's message that burdensome rules are harming the economic recovery."

Other News:

J.P. Morgan, Bank of America face new lawsuits from investors on $4.5 billion bad mortgage deals. [Reuters]

U.S. watchdog says regulators must stand tough against bank demands for weaker capital rules. [Wall Street Journal]

UK's Man Group to ax 400 jobs, twice the number previously planned. [Hedge Fund Net]

UBS asks executive serach firm to find new CEO; interim CEO Ermotti seen as top candidate. [Financial Times]

Citigroup may face new sanctions in Japan after government scrutinizes weak compliance. [Wall Street Journal]

Danish banks may fail despite Denmark's central bank liquidity lifeline, government says. [Bloomberg]

Raymond James ordered to pay $1.69 million to 15,500 customers charged unfair commissions. [On Wall Street]

BlackRock, KKR among possible buyers of Axa Private Equity. [Financial Times]

Royal Bank of Canada Capital Markets cuts emerging markets foreign exchange research team. [Wall Street Journal]

U.S. banks would be in better shape today if government hadn't eased TARP repayment criteria in 2009, audit shows. [Reuters]

AUTHORDalia Fahmy Insider Comment

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