Courtesy of Benzinga.
Earlier today, JPMorgan’s (NYSE: JPM) Jamie Dimon spoke at a Deutsche Bank conference. He continued to defend JPMorgan against the recent losses suffered by the bank’s trading division.
On the loss, Dimon stated that it was far too big and went wrong too quickly. He stated that he would give more details on the loss later, but not at the present time. Still, he called the loss an isolated event.
Dimon defended JPMorgan in a broad sense, stating that the company was very conservative and that it had the right team in place.
Perhaps most important to investors, was Dimon’s statement that the bank would continue to pay a dividend. Still, Dimon reported that the company was ceasing its buyback program. Although he said it was not due to the trading loss, regulators may have forced the bank’s hand.
Dimon also touched on the Volcker rule, stating that he agreed with it in principal. However, he stated that market making is a critical business and that improper Volcker implementation could drive business overseas.
Currently, shares of JPMorgan are trading near $32.65, down about 2.50% on the session.
For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.
