• Jamie Dimon says bankers are ‘dancing in the streets’ because they expect Trump to cut regulations.
• JPMorgan’s CEO said he supported broader deregulation that could make life easier for companies.
• The President-elect has tasked Elon Musk and Vivek Ramaswamy to eliminate government waste.

Jamie Dimon says Wall Street is cheering with joy at the prospect of Donald Trump tearing up regulations and reviving the banking sector in his second term.

The CEO of JPMorgan Chase told the APEC CEO Summit in Lima, Peru, on Thursday that regardless of who they voted for, “a lot of bankers are dancing in the streets because they have had back-to-back years and years of regulation, much of which has hampered credit.”

“You could have kept the banks safe for a while, but if they had extended more credit,” Dimon said in a Bloomberg video of the event.

The average U.S. bank used to hold $100 in deposits for every $100 in loans it made, but now it lends only $65 for every $100 in deposits, he said.

“And if that’s what you want, if for some reason the regulators think they’re geniuses and that this is the best way to run the banking system, then so be it,” Dimon said, adding that she credit impact had probably not been anticipated.

The billionaire banker said every sector could benefit from reduced regulation that would make it easier for them to operate without harming the environment, national security or other public priorities.

Excessive regulation in the U.S. is “a shame, and we’re doing this to ourselves, and it’s a mistake,” Dimon said, adding, “I applaud any administration that says, ‘I’m going to make government more efficient.’ “

Trump announced this week that Tesla CEO Elon Musk and Vivek Ramaswamy would lead a new Department of Government Efficiency that would operate outside the government.

The president-elect wrote that DOGE’s goal would be to “dismantle government bureaucracy, eliminate redundant regulations, reduce wasteful spending, and restructure federal agencies.”

At the summit, Dimon said inflation could prove stubborn and that Trump would have to navigate the “most complicated geopolitical, military and geoeconomic situation the world has faced since World War II.”