From CNBC:

Jamie Dimon, JPMorgan Chase CEO, isn’t worried about competition from Capital One’s $35.3 billion takeover of Discover Financial. He praised Capital One CEO Richard Fairbank for shaking up the card industry. Capital One’s proposed merger with Discover could transform the trillion-dollar credit card industry, making them the nation’s biggest credit card lender.

If regulators approve the Capital One-Discover deal, JPMorgan Chase will be eclipsed as the biggest credit card lender in the nation. Dimon praised Fairbank for shaking up the card industry and acknowledged Capital One’s strengths. The Durbin Amendment will give Capital One an unfair advantage in debit payments.

The biggest question that remains is whether regulators will approve the deal. A letter was signed by more than a dozen Democrat lawmakers urging regulators to block the deal to protect consumers and financial stability. Regulatory approval will determine the future of Capital One’s proposed merger with Discover Financial.



Read more: Jamie Dimon on Capital One Discover deal: ‘Let them compete’