'Our response generally was, ‘We know what we’re doing', Dimon wrote in a letter to the bank’s investors. 'Well, we should have done more self-examination. We need to be better listeners'.
The Financial Times reports that Dimon also warned that customers will face more costly credit or be denied certain financial products altogether as a result of tougher regulation.
Dimon said capital and liquidity rules meant the cost of providing revolving credit to clients could increase by up to 60 basis points, forcing banks 'to charge more' or simply to consider 'whether to make revolvers available to that client'.