JPMorgan chief warns of overregulation

The head of J. P Morgan Chase & Co in a German newspaper interview on Sunday turned against the possibility of stricter bank regulation and asked for better access for bankers to politicians.
"When profits fall too sharply then capital will move somewhere else, where there is more money to be earned, for example non-regulated markets," Chief Executive Jamie Dimon said in the German mass circulation Sunday paper Welt am Sonntag.
Dimon has been an outspoken critic of the Obama administration's proposed financial regulatory reforms, particularly of a proposed bailout fee on big banks which he has called a "punitive bank tax".
In the German interview, he also said the banking industry could do with more influence on politicians.