Jamie Dimon's having a bad day.
Jamie Dimon Resorts To Profanity To Explain JPMorgan's Legal Pitfalls.
By Antoine Gara at Forbes
When it comes to legal pitfalls, JPMorgan Chase JPM -4.98% CEO Jamie Dimon may be treading carefully, but he isn’t choosing his words wisely.
On Wednesday, JPMorgan surprised Wall Street analysts by disclosing $990 million in after-tax legal expense related to the bank’s foreign exchange trading. The item, which marred an otherwise solid quarter for JPMorgan, is just one of a series of billion dollar legal charges that have weighed on the shares of the nation’s largest bank by assets over the past year.
When pressed by analysts to explain when the surprises would stop, Dimon, in an off-the-cuff manner, used profanity to characterize the JPMorgan’s legal issues, which range from criminal inquiries into foreign exchange trading and the bank’s sale of mortgage backed securities, to regulatory probes into large trading losses, interest rate manipulation and the firm’s compliance with the Foreign Corrupt Practices Act, to name a few.
About regulatory sanctions, Dimon said he believes the firm is acknowledging its mistakes, resolving liabilities, and careful to “stop stepping in dog****, which we do every now and then.”
via Jamie Dimon Resorts To Profanity To Explain JPMorgan's Legal Pitfalls.
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