Economy News

JPM's Dimon: Let's avoid 'whack-a-mole' response to SVB banking crisis

JPMorgan Chase CEO Jamie Dimon told shareholders in his annual letter that it's unlikely that tighter regulations would have stopped the deposit run at Silicon Valley Bank, urging caution as federal officials consider how oversight of the industry should change in the wake of the second-largest bank failure in U.S. history.

         "It is extremely important that we avoid knee-jerk, whack-a-mole or politically motivated responses that often result in achieving the opposite of what people intended," he said. 

          Most of the risks now roiling the banking world, he said, were "hiding in plain sight," including the effect that rising interest rates would have on bonds banks hold as investments. The sudden flight of depositors from Silicon Valley Bank, including $42 billion in one day, was "an unknown ......