Rules preventing US banks from hiring foreigners are a “complete and utter disgrace” and could prompt overseas governments to retaliate against American expatriates, Jamie Dimon, chief executive of JPMorgan Chase, warned on Tuesday.

Mr Dimon told his company’s annual shareholder meeting that the provisions, which apply to lenders in receipt of government aid, had forced JPMorgan’s executives to “look 40 or 50 overseas [graduates] in the eye” and tell them their job offers had been rescinded.