JPMorgan Chase CEO Jamie Dimon doesn't want a breakup.
Dimon expressed that sentiment in response to a bevy of analyst questions about the future of the big bank's business model amid onerous new regulations highlighting the government's perceived views that JPMorgan is still too big to fail.
"The views and the facts are completely different, OK?" Dimon said, after being asked whether the bank's efforts to build its capital base will still fail if the government's ultimate intent is to break up the bank.
Dimon recounted again that JP Morgan was able to absorb failing banks Bear Stearns and Washington Mutual during the financial crisis, and that its balance sheet is even stronger now: It has more capital and less credit exposure and risk as a percentage of the balance sheet, more long-term debt and more liquid assets.
"When [regulators] talk about risk, they're mostly talking about size," Dimon continued. "They look at size, and it scares them."
In December, Federal Reserve officials suggested JP Morgan was the only bank that would need additional capital—some $20 billion, they estimated—to meet strict new rules. That claim further fueled the debate over whether the firm would benefit from splitting into multiple banks, rather than one large institution that requires a massive capital cushion that may divert funds from shareholder returns.