The stress on the financial sector caused by two bank failures in the U.S. last month is still a threat and should be addressed by a reimagining of the regulatory process, according to JPMorgan Chase CEO Jamie Dimon, CNBC reported. “As I write this letter, the current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to come,” the longtime CEO said in his annual letter to shareholders. “But importantly, recent events are nothing like what occurred during the 2008 global financial crisis.” The recent banking issues in the U.S. began with the collapse of Silicon Valley Bank, which was closed by regulators on March 10 as depositors pulled tens of billions of dollars from the bank, and Signature Bank was closed two days later. In Europe, Swiss regulators brokered a purchase of Credit Suisse by UBS. JPMorgan and other large banks stepped in to make $30 billion of deposits at First Republic, another regional bank that investors feared could become the next SVB. The stress on the regional banks has led investors and analysts to suggest that the “too big to fail” banks would be a beneficiary of the crisis, but Dimon said that JPMorgan wants to strengthen the smaller banks for the benefit of the whole financial system. “Any crisis that damages Americans’ trust in their banks damages all banks — a fact that was known even before this crisis. While it is true that this bank crisis ‘benefited’ larger banks due to the inflow of deposits they received from smaller institutions, the notion that this meltdown was good for them in any way is absurd,” Dimon wrote. He also cautioned against knee-jerk changes to the regulatory system, adding that most of the risks, including the potential losses from held-to-maturity bonds, were “hiding in plain sight.”