DAVOS, Switzerland (AP) — Leading bankers at the World Economic Forum in Davos, Switzerland, are on the defensive amid demands to regulate their industry more closely following the financial crisis that battered the global economy.

Bankers have been widely blamed for the financial crisis that has dramatically reduced the living standards of many in the world, whether they’re in work or not.

“We’re doing the right thing,” Jamie Dimon, chairman and CEO of JP Morgan Chase & Co., said today.

Dimon, who last week took a 50 percent cut in pay for last year following a multibilliondollar trading loss in London, stressed the key role of banks in making the economy work, and insisted many of the bad practices of the recent past were being phased out.

Regulators, he said, were “trying to do too much, too fast.”