U.S. banks are “at the beginning of their transition” and “animal spirits are alive,” a top JPMorgan Chase executive said, as a lighter regulatory regime under President Donald Trump is likely to spur deal-making in the largest economy in the world.
Speaking at the World Economic Forum in Davos on Tuesday, Mary Erdoes, head of asset and wealth management at the Wall Street bank, said she was “hopeful” that Trump’s regulatory approach would boost the U.S. economy , easing some of the burden placed on the banking sector. industry by the Biden administration.
“If you look at the last administration and the number of significant new regulations, it’s eight times more significant new regulations than the previous Trump administration,” Erdoes said.