×

Hostility Toward Banks Will Slow Job Creation: Blackstone CEO

Job creation will continue to be difficult if hostility toward financial institutions continues, causing them to cut back on lending, said Steve Schwarzman, CEO of the Blackstone Group private equity firm.

"I realize there are angry people, but using that anger to end up having financial institutions extend less credit ... isn't optimal," he said. "You really need credit flowing to be able to create jobs."

Schwarzman said there need to be new initiatives to create jobs, and that businesses need to take a look at what their role is in the process.

He also said the firm is looking for growth in the US and Asia — specifically in China, which is "on fire," and in India, where the group already owns eight companies and is in the process of acquiring two more.