Dimon: Bank rules should change after Silicon Valley Bank

By KEN SWEET
AP Business Writer

NEW YORK (AP) — JPMorgan’s Jamie Dimon is telling investors that government and banks should work to adjust industry regulations following the collapse of Silicon Valley Bank and Signature Bank last month. The chairman and CEO said the financial system needs to be adjusted so that one bank’s failure does not “cause undue panic and financial harm.” The comments, made in Dimon’s annual letter to JPMorgan Chase shareholders Tuesday, were his first since the two banks failed. Dimon is a veteran of the 2008 financial crisis, and one of the last senior executives remaining at a Wall Street firm since the industry nearly collapsed 15 years ago.