Dimon Cites ‘Give and Take’ After Bank Chiefs Meet at Fed
By Bradley Keoun, Joshua Zumbrun and Cheyenne Hopkins
JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon led Wall Street bosses in a closed-door meeting to personally lobby the Federal Reserve about softening proposed reforms that might crimp their profits. The contingent, which included Bank of America Corp. (BAC)’s Brian T. Moynihan, 52, and Goldman Sachs Group Inc. (GS)’s Lloyd C. Blankfein, 57, pressed the Fed on rules they said would overstate trading risks and harm financial markets, the central bank said yesterday in a statement. They also discussed what they see as flaws in Fed stress tests designed to gauge the strength of the nation’s largest lenders. The meeting highlights the magnitude of Wall Street’s campaign to blunt new regulations. “My concern has been that the momentum generated during the crisis will wane or be redirected to other issues before reforms have been completed,” Tarullo told the Council on Foreign Relations. “Each of these rules are franchise-make-or-break decisions,” said Karen Shaw Petrou, a managing partner at Federal Financial Analytics, a research firm. “They really are redefining the industry.”