JPMorgan's Dimon criticizes strict rules on credit cards

07/17/2009 | Financial Times (tiered subscription model)

JPMorgan Chase CEO Jamie Dimon said reforms to credit card rules would cost the bank's card unit as much as $700 million next year. The card law "will reduce credit and it will at least reduce profitability for ... the rest of this year and mostly next year," Mr. Dimon said. His comments came after JPMorgan reported quarterly earnings of $2.7 billion.

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