American banks ‘in go-mode’ says JPMorgan executive

U.S. banks are “early in go-mode” and “the animal spirits are alive,” a senior JPMorgan Chase executive said, as President Donald Trump’s light-touch regulatory regime could spur consolidation in the world’s largest economy.

At the World Economic Forum in Davos on Tuesday, the Wall Street lender’s head of asset and wealth management, Mary Erdos, said Trump’s deregulation approach would boost the U.S. economy and was “promising” by easing some of the burden on banks. Industry in the Biden administration.

“If you look at the last administration and the number of new, significant regulations, there were eight times the number of new regulations compared to the pre-Trump administration,” Erdos said.