12 August, 2020

Europe needs pan-European banks: JPMorgan’s Dimon tells paper

MILAN (Reuters) – Europe needs larger, stronger and a lot more diversified banks to increase serve the economy, JPMorgan (NYSE:JPM) Ceo Jamie Dimon told Italian daily Il Sole 24 Ore, just days once the U.S. bank denied it wanted to buy a stake in Deutsche Bank (DE:DBKGn).

“It could be very positive for Europe if, at a certain point, pan-European banks could well be created,” Dimon said, adding Europe is not fast enough to date in adopting common banking rules to favor the growth of larger lenders.

In a meeting he also expressed concerns concerning the negative effects of Brexit and trade tariffs.

“I reckon that Brexit may ultimately have very heavy consequences for your British people as well as for rise in Britain …and the lower boost Britain will negatively affect global growth, so Brexit will damage the majority of us,” Dimon said.

He said the negative impact of trade tariffs imposed by way of the Trump administration, might offset the primary advantages of tax reform in the states.