European banks are still lagging behind the U.S. banking industry, which has almost completely recovered from the global financial crisis, Jamie Dimon, chief executive of JPMorgan, told French newspaper Les Echos.
'Profits may still vary for different kinds of reasons. But if you look at the equity, outstanding loans, debt capacity, you would see the (U.S.) banking system is sound', Dimon was quoted by the financial daily as saying.
'It can now do its job: financing growth and employment. Unfortunately, Europe is not yet at the same stage'.
Reuters reports that five-and-a-half years after the bankruptcy of Lehman Brothers, the Federal Reserve said in late March that U.S. big banks have sufficient capital buffers to withstand a drastic economic downturn, announcing that 29 out of 30 major banks met the minimum hurdle in its annual health check.
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