Daily News: July 11, 2012

Dimon Risk Reputation on Line as JPMorgan Faces Analysts

Bloomberg noted in an article on July 11, 2012 that Jamie Dimon will seek to restore investor confidence this week after a trading loss wiped out $39 billion of JPMorgan Chase’s market value and marred his reputation as one of the industry’s best risk managers.

Bloomberg quoted an analyst and contributing editor at SNL Financial as saying, “I’ve been watching banks for 30 years now and when they lose the luster, it is extremely hard for them to get it back, particularly when you have someone who was built up and lionized like Dimon.”

Bloomberg said, according to SNL, the trading blunders will cost the company just over $5 billion in the quarter, in which the bank is expected to report a profit.

To read the full Bloomberg article, click here.