The crises that engulfed Silicon Valley Bank and Credit Suisse involve “far fewer financial players and fewer issues that need to be resolved” than the 2008 crash, Jamie Dimon, CEO of JPMorgan Chase, wrote in a letter to shareholders. Any new rules should reduce “the chance of failure and the odds of contagion,” he said, noting that the current ones did not prevent SVB or Signature Bank from going under. (The Logic)

Talking point: JPMorgan made US$37.7 billion in net income on US$128.7 billion in net revenue last year, with profits down 22.1 per cent year-over-year. The financial institution’s Canadian book shrank slightly, with total exposure to the country falling to US$14.4 billion in 2022 from US$16.9 billion the previous year. But Dimon’s opening remarks, a widely-covered missive each year, held some positives for this country. He cited Canada as one of the main beneficiaries of U.S. restructuring of supply chains in critical minerals, semiconductors and other technologies. And he said it has been “effective with permitting and infrastructure.” The promoters of the many mega-projects in this country facing long waits for paperwork and permissions might disagree.