Jamie Dimon has criticised regulators in the wake of the banking turmoil for incentivising banks to load up on government securities and imposing flawed stress tests.
Dimon said the failure last month of Silicon Valley Bank and the Swiss government-engineered takeover of Credit Suisse risked undermining confidence in the banking industry and had prompted investors to price in a greater risk of a US recession.
In his annual shareholder letter, the JPMorgan Chase boss said rules had encouraged banks to amass large portfolios of US Treasury bonds that dropped in value as the Federal Reserve raised interest rates, leaving lenders nursing paper losses that have spooked investors.
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