Europe needs pan-European banks: JPMorgan’s Dimon tells paper

MILAN (Reuters) – Europe needs larger, stronger and more diversified banks to better serve the economy, JPMorgan (NYSE:) Chief Executive Jamie Dimon told Italian daily Il Sole 24 Ore, just days after the U.S. bank denied it wanted to buy a stake in Deutsche Bank (DE:).

“It would be very positive for Europe if, at a certain point, pan-European banks would be created,” Dimon said, adding Europe has been too slow so far in adopting common banking rules to favor the development of larger lenders.

In the interview he also expressed concerns about the effects of Brexit and trade tariffs.

“I think that Brexit will ultimately have very heavy consequences for the British people and for growth in Britain …and the lower growth in Britain will negatively affect global growth, so Brexit will damage almost everyone,” Dimon said.

He said the negative impact of trade tariffs imposed by the Trump administration, might even offset the benefits of tax reform in the United States.

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