The bail-outs of Citigroup and Bank of America could distort the market if the US lenders succumb to political pressure when making lending decisions, a senior executive at JPMorgan Chase has warned.
Jes Staley, head of JPMorgan’s asset management and private banking operations, said political interference in the management of those lenders that have turned to the US government for large-scale support was the “biggest risk” facing his bank.
