JPMorgan Chase Grapples with Trump 2.0 Policies
Davos, Switzerland
JPMorgan Chase (JPM), the largest US bank, has established a "war room" to analyze the potential impact of President Trump's new administration. Mary Callahan Erdoes, head of asset and wealth management at JPMorgan, acknowledged the significant changes anticipated and emphasized the need to digest their implications.
Regulatory Relief Welcomed
Erdoes expressed optimism regarding Trump's proposed lighter regulatory environment for the banking industry. She believes it will stimulate lending and support global economic growth. Furthermore, she commended the new administration's requirement for government workers to return to full-time office schedules.
Bank of America Assesses Tariffs
Bank of America (BAC), the second-largest US bank after JPMorgan, is closely monitoring Trump's tariff policies. CEO Brian Moynihan indicated that tariffs of 10%-15% would likely have a limited impact on inflation and the economy. However, he acknowledged that higher tariffs could raise concerns about inflation and would require careful consideration by the Federal Reserve.