Bloomberg News

BofA Chief Says Dimon Will Do What’s Needed to Stanch CIO Losses

May 21, 2012

Bank of America Corp. Chief Executive Officer Brian Moynihan. Photographer: Scott Eells/Bloomberg

Bank of America Corp. Chief Executive Officer Brian Moynihan. Photographer: Scott Eells/Bloomberg

JPMorgan Chase & Co. (JPM:US) Chief Executive Officer Jamie Dimon has the experience needed to manage the fallout from trading losses, and market disruptions haven’t been serious, Bank of America Corp. CEO Brian Moynihan said today.

Markets behaved “reasonably well” given the circumstances after Dimon disclosed more than $2 billion in trading losses at his bank’s chief investment office, Moynihan said today at an investor conference in Manhattan. Dimon has shown that he has the skills to handle the affair, said Moynihan, whose Charlotte, North Carolina-based bank ranks second behind New York-based JPMorgan.

“He’ll manage through it and do what he needs to do for the company,” Moynihan said of Dimon.

To contact the reporter on this story: Dakin Campbell in San Francisco at dcampbell27@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net


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  • JPM
    (JPMorgan Chase & Co)
    • $60.34 USD
    • 0.04
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