4/2/2010

JPMorgan Chase CEO Jamie Dimon said legislation signed into law by President Barack Obama has prompted the bank to cancel credit cards and reduce consumer access to credit. He said the credit card reform act could cost JPMorgan as much as $750 million in profit annually. However, he also said "many, but not all, of the changes made were completely appropriate." Mr. Dimon also said he plans to expand JPMorgan's investment- and private-banking divisions.

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