In London on January 21, JPMorgan bankers toiled through the night in a "war room" to evaluate the initial impacts of recent developments, as stated by a bank executive on Tuesday. Mary Callahan Erdoes, the head of asset and wealth management at JPMorgan Chase & Co, discussed the anticipated changes during a panel at the World Economic Forum in Davos, Switzerland.
Commenting on President Trump's plan to revoke numerous executive actions by the previous administration, Erdoes noted, "At JPMorgan, we have a war room set up to analyze and assess each of these changes, and our team has been working tirelessly on this."
Bill Winters, CEO of Standard Chartered, expressed concerns about potential disruptions in global trade due to the new administration. He mentioned the potential impact on China's export surplus and the implications for international tariffs.
Winters also highlighted that while globally-focused banks might benefit from the disruptions, locally-focused banks could face challenges. Additionally, Winters and Robin Vince, CEO of BNY, criticized regulatory barriers to growth, with Vince emphasizing the need for regulations to enable economic development.
The Bank of England postponed stricter bank capital regulations until January 2027 to gain clarity on U.S. policy under the new administration, triggering similar considerations by the European Union. Winters urged a comprehensive review of regulatory effectiveness, pointing out uncertainties surrounding the Basel 3.1 bank capital regulations amid postponements and revisions in various markets.