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CNBC.com Jamie Dimon |
Regulators should focus on simplifying rather than adding to bank regulations, said Jamie Dimon, CEO of JPMorgan Chase, speaking at the annual Securities Industry and Financial Markets Association (SIFMA) meeting Tuesday.
In a wide-ranging conversation with television host Charlie Rose, Dimon also spoke in support of resolution authority that would let the government deal with problems that arise at banks and other companies deemed “too big to fail” without causing significant systemic risk.
“We think we need a resolution mechanism,” said Dimon. “We think everyone should be able to fail—being able to fail is a good thing—but you don’t want a failure that ruins America."
Video: JPMorgan Chase CEO Jamie Dimon discusses the economy, the bailout and the issue of systemic risk.
"Therefore, I think the government needs a resolution mechanism for companies like a Lehman or a Bear and AIG that they simply didn’t have,” he said.
Dimon also said JPMorgan [JPM
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] is looking to add financial advisers.
The bank, which acquired about 350 advisers through its purchase of investment bank Bear Stearns in March last year, is looking to reach a total of about 1,000 advisers, Dimon said.
"Our strategy there is to go to 1,000 of the top, top, top," he said, adding, "So if you're really, really good, call JPMorgan up and we'll be happy to hire you."
Dimon, whose father and grandfather were brokers, made the comments in response to a question from the audience.
—Wire services contributed to this story.
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