• Jamie Dimon says bankers are “dancing in the street” because they expect Donald Trump to ease regulations.
• JPMorgan’s CEO said he favored broader deregulation that could make life easier for businesses.
• President-elect Trump has charged Elon Musk and Vivek Ramaswamy with eliminating government waste.

Jamie Dimon says Wall Street is shouting with joy the prospect of Donald Trump rolling back regulations and revitalizing the banking sector during his second term.

JPMorgan’s CEO said Thursday at the APEC CEO Summit in Lima, Peru, that no matter who they voted for, “a lot of bankers are like dancing in the street because they’ve had years and years of regulations, much of which has blocked credit.”

“You could have given the same security to the banks, but asked them to extend more credit,” Dimon said, according to a Bloomberg video of the event.

The average U.S. bank previously held $100 in deposits for every $100 in loans made, but now lends only $65 for every $100 in deposits, he said.

“And if that’s what you want, if for some reason the regulators think they’re geniuses and this is the best way to run the banking system, so be it,” Dimon said , adding that they probably did not anticipate the impact on credit.

The billionaire banker said every industry could benefit from reduced regulation that would allow it to operate more easily without harming the environment, national security or other public priorities.

Overregulation in the United States is “a shame, and we’re doing this to ourselves, and it’s wrong,” Dimon said. “I applaud any government that says, ‘I’m going to make government more efficient’.”

Asset announcement this week, the CEO of Tesla Elon Musk And Vivek Ramaswamy would lead a new Ministry of Government Effectiveness that would operate outside of government.

The president-elect wrote that DOGE’s goal would be to “dismantle government bureaucracy, reduce excessive regulations, cut wasteful spending, and restructure federal agencies.”

At the summit, Dimon warned that inflation could to be stubbornand warned that Trump would be responsible for “the most complicated geopolitical, military and geoeconomic problems.” situation that the world has faced since World War II. »