Jamie Dimon, JPMorgan Chase’s chief executive, on Thursday attacked a proposed law to allow US judges to modify mortgages, saying it would have a “chilling effect” on consumer lending and lead to an increase in personal bankruptcies.
Mr Dimon’s criticism of the planned legislation, which has received the surprise backing of Citigroup, came as JPMorgan reported a slump in fourth-quarter earnings to $702m – 76 per cent below last year’s levels.
