JPMorgan Exec: Trump Puts Banks Into ‘Go Mode'

Core Viewpoint - American banks are optimistic about regulatory rollbacks with Donald Trump's return to the White House, as indicated by J.P. Morgan's head of asset and wealth management, Mary Erdoes [1] Group 1: Regulatory Environment - Erdoes highlighted that the previous administration introduced eight times more significant regulations compared to the Trump administration, leading to extensive paperwork that hampers economic growth [2] - There is concern among European banks that a relaxed regulatory approach in the U.S. could create a competitive disadvantage if Europe tightens its regulatory framework, such as Basel 3.1 [2] - Standard Chartered's CEO emphasized the need for consistent global regulations to prevent market arbitrage, suggesting that the U.K. may align more closely with U.S. regulations [3] Group 2: Potential Changes in Regulation - The U.K. government is expected to lead in deregulation, having delayed the implementation of Basel III to observe the U.S. approach [4] - The Trump administration's regulatory plans remain unclear, but there are discussions about significant changes, including the potential abolition of the FDIC and restructuring of banking regulatory agencies [5]