Regulators and banks should develop a system allowing lenders to go bust without damaging the world economy to help restore public trust in the industry, JPMorgan Chase (JPM) Chief Executive Officer Jamie Dimon said.

"We've got to get rid of too big to fail," Dimon, 56, told clients of the bank during a panel discussion in the German town of Koenigstein, near Frankfurt, late yesterday. "We have to ensure big banks can be taken down without harming the public and at no cost to them." Global regulators should also work together to wind down failed multinational banks, he said.

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