• Jamie Dimon criticises US banking regulators for excessive and overlapping rules
• Claims regulations post-2008 crisis have gone beyond reason and driven risk outside the system
• Says many regulators are out of touch and calls for some to be fired
• CFO Jeremy Barnum adds that duplicative capital and liquidity rules create new risks
• Dimon labels some capital-related calculations “completely asinine”
• Warns that complexity in regulation has become a risk in itself
• Argues that regulatory overhaul is urgently needed and politically feasible
• Suggests Trump-era agency heads may begin rolling back harmful rules

Jamie Dimon, CEO of JPMorgan Chase, pulled no punches at the bank’s annual investor day on Monday, issuing a scathing indictment of the current US banking regulatory landscape.

Against the backdrop of shifting political winds and an evolving financial system, Dimon made clear that he believes the time has come for radical overhaul — and for certain regulators to be held accountable for what he views as a systemic failure.

Speaking to shareholders, analysts, and investors, Dimon offered a mix of optimism and warning.

He noted that President Donald Trump’s incoming regulatory nominees are aligned in their belief that “some things are broken” and pledged to repair them.

“I think they’ll accomplish some of that,” he said, though he cautioned that certain reforms may take longer to materialize. Still, the JPMorgan chief suggested that there is genuine momentum behind the scenes.

Dimon, who has led the country’s largest bank for nearly 20 years, didn’t stop at measured optimism. He launched into a familiar but increasingly urgent critique of what he sees as regulatory excess born out of the 2008 financial crisis.

“Over the last 15 years, [regulators] went so far beyond what was reasonable, that they should be embarrassed,” he said, accusing agencies of operating in “some academic world,” detached from real economic activity, and went as far as saying “a lot of them should be fired.”

He described a post-crisis environment of regulatory overreach that has had unintended consequences.

Excessive and overlapping rules have driven activity in payments, mortgages, and private credit beyond the reach of traditional banking oversight, he argued, creating an arbitrage-rich shadow banking system and amplifying systemic risk.

“It drives business out of the banking system,” Dimon warned. “It creates arbitrage opportunity. It creates additional risk.”

The remarks reflect Dimon’s long-standing frustration with the regulatory maze banks must navigate. Last year, he accused regulators of inflicting “an onslaught” of rules that were “damaging America.” Monday’s comments added sharper edges to that sentiment, highlighting the widening gulf between Wall Street leaders and Washington regulators.

JPMorgan CFO Jeremy Barnum echoed many of Dimon’s criticisms, highlighting what he called a growing risk from regulatory complexity itself.

“We are seeing an increase in duplicative rules, especially around capital and liquidity,” Barnum said. “It’s time for a serious review of the last decade’s regulatory framework to determine what still makes sense.”

At the centre of these frustrations is the Basel III endgame, a set of proposed rules that would significantly raise capital requirements for banks.

Although JPMorgan has already fortified its balance sheet in preparation — holding $60 billion in excess capital — the company remains wary of what Dimon called “completely asinine” capital calculations.

The bank’s readiness to comply hasn’t softened its criticism. While acknowledging that financial stability requires oversight, Dimon suggested that the current regime has become counterproductive.

In his view, the avalanche of rules not only constrains legitimate economic activity but actively increases exposure to risk by pushing financial activity into less regulated corners of the market.

Dimon’s remarks come as the Biden-era regulatory tide begins to recede, with Trump-aligned nominees expected to take charge of key agencies. Whether this transition will deliver the reforms Dimon hopes for remains to be seen.

But one thing is clear: the JPMorgan CEO is no longer content to voice mild disapproval. He is demanding a reckoning — and warning that inaction carries serious consequences.