Jamie Dimon Says Wells Fargo’s Asset Cap Was ‘Grossly Unfair’

Wells Fargo & Co.’s Federal Reserve-imposed asset cap that restricted its size for more than seven years was “grossly unfair,” said Jamie Dimon, longtime boss of its biggest rival.

“They went through a long, arduous road to get out of that thing,” JPMorgan Chase & Co.’s chief executive officer said at a conference Tuesday. “Punishment should fit the crime, not be something you don’t understand at all.”