US banks ‘in go-mode’ says JPMorgan executive

US banks are “in the beginning of go-mode” and “animal spirits are alive”, said a senior JPMorgan Chase executive, as a lighter touch regulatory regime under President Donald Trump is likely to spur dealmaking in the world’s largest economy.

Speaking at the World Economic Forum in Davos on Tuesday, Mary Erdoes, asset and wealth management chief at the Wall Street lender, said it was “hopeful” that Trump’s regulatory approach would boost the US economy, undoing some of the burden placed on the banking industry by the Biden administration.

“If you look at the last administration and the number of new, significant regulations, it was eight times the number of significant new regulations versus the prior Trump administration,” said Erdoes.