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The CEO of one of the world’s largest banks also said that “regulators need to decide what they want included in the regulatory system—and what they don’t want included,” stressing how complex regulation in the US currently is. .

Dimon also said in the letter that traditional banks are under threat due to shadow and fintech banks, and that JPMorgan was “aggressively adapting to new challenges” presented by big tech. 

In his letter today, Dimon added that “level playing field regulation” was needed in order for banks to fight this “enormous competitive threat.” 

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