WSJ: Dimon Looks to Keep Reins
The Wall Street Journal reported that J.P. Morgan Chase head Jamie Dimon told a group of investors that he wants to retain his dual role as chairman and chief executive saying “this is what I enjoy.”
The Wall Street Journal reported that J.P. Morgan Chase head Jamie Dimon told a group of investors that he wants to retain his dual role as chairman and chief executive saying “this is what I enjoy.”
JPMorgan Chase reported record net income of $6.5 billion for the first quarter of 2013, compared with net income of $4.9 billion for the same period a year earlier. EPS were also a record $1.59, exceeding analysts’ estimates of $1.38.
Bloomberg reported that JPMorgan Chase investors risk shortening Jamie Dimon’s tenure as CEO if they appoint a separate chairman to help lead the bank.
Bloomberg reported that JPMorgan clawed back more than $100 million in pay from managers responsible for its record trading loss. Bloomberg also notes JPM’s board continues to back Jamie Dimon in his dual roles as chairman and CEO.
Bloomberg reported that JPMorgan’s efforts to hide trading losses, outlined in a Senate report, may ignite debate over whether the largest U.S. bank is too big to manage.
Bloomberg reported that at a meeting with investors, JPMorgan CEO Jamie Dimon said, I think all banks will have too much capital in two and a half years. And they’re not going to know what to do with it.
JPMorgan Chase chief executive Jamie Dimon criticized regulators, saying some of the steps taken to reform the banking sector since the financial crisis added more complexity to the system.
JPMorgan said CEO Jamie Dimon “bears ultimate responsibility for the failures” relating to losses by its chief investment office and that his 2012 compensation was cut by more than 50% from the prior year.
Bloomberg is reporting that JPMorgan Chase’s board will consider releasing an internal report this week that faults CEO Jamie Dimon’s oversight of a division that lost more than $6.2 billion.
In a conference call with investors, JPMorgan Chase CEO Jamie Dimon said the firm suffered a $2 billion trading loss after an “egregious” failure in a unit managing risks. ABF Journal illustrator Jerry Gonzalez offers his take on this “whale of a tale.”