U.S. banks are “at the beginning of the movement” and “the animal spirits are alive,” a senior JPMorgan Chase executive said, as a looser regulatory regime under President Donald Trump is likely to boost dealmaking in the world’s largest economy.
Speaking at the World Economic Forum in Davos on Tuesday, Mary Erdoes, the Wall Street lender’s head of asset and wealth management, said she was “hopeful” that Trump’s regulatory approach would boost the US economy, offsetting some of the burden placed on banking. industry by the Biden administration.
“If you look at the last administration and the number of new, significant regulations, it was eight times the number of significant new regulations compared to the previous Trump administration,” Erdoes said.
