July 14, 2017 / 4:20 PM / 11 days ago

JPMorgan's Jamie Dimon lashes out against Washington politics

2 Min Read

(Second paragraph contains language that may offend some readers)

By Sweta Singh

July 14 (Reuters) - JPMorgan Chase & Co's Chief Executive Jamie Dimon on Friday lashed out against the political gridlock in Washington and how it is stalling business sector growth and said it was "almost an embarrassment being an American citizen traveling around the world."

During the bank's earnings conference call with analysts, Dimon complained about the "stupid shit" that Americans have to deal with because of the federal government.

"(It's) hurting the average American that we don't have these right policies... we have become one of the most bureaucratic, confusing, societies in the planet," he said.

Dimon, who said he recently returned from an overseas work trip to France, Argentina, Israel and Ireland, pointed to the lack of understanding of pro-business policies in Washington.

"It's amazing to me that every single one of these countries understands that practical policies that promote business and growth is good for the average citizens... and that somehow, this great American free enterprise system, we no longer get it, he added.

He also railed against the inability to develop infrastructure in the world's largest economy.

"We are unable to build bridges. We're unable to build airports," he said.

Earlier, JPMorgan reported a quarterly profit that trumped estimates despite a drop in trading revenue. (Reporting by Sweta Singh)

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