Bloomberg News

Dimon Says JPMorgan Had ‘Tin Ear’ in Dealing With Regulators (1)

April 09, 2014

JPMorgan Chase & Co. CEO Jamie Dimon

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., pauses during a break in sessions on the opening day of the World Economic Forum in Davos, Switzerland, on Jan. 22, 2014. Photographer: Jason Alden/Bloomberg

April 9 (Bloomberg) -- JPMorgan Chase & Co., the biggest U.S. bank by assets, had a “tin ear” when dealing with regulators before settling probes into mortgage lapses and trading losses, Chief Executive Officer Jamie Dimon said.

“Our response generally was, ‘We know what we’re doing,’” Dimon wrote today in a letter to the New York-based bank’s investors. “Well, we should have done more self-examination. We need to be better listeners.”

Dimon is seeking to improve relations with overseers after lamenting in prior years that regulation could thwart growth. JPMorgan’s earnings (JPM:US) last year were marred by more than $20 billion in legal settlements that contributed to the first quarterly loss under Dimon.

The bank missed signals when rivals faced scrutiny and must “do a better job at examining critiques of others so we can learn from other people’s mistakes, too,” he said.

To contact the reporters on this story: Zachary Tracer in New York at ztracer1@bloomberg.net; Hugh Son in New York at hson1@bloomberg.net

To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net Dan Kraut, Rick Green


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Companies Mentioned

  • JPM
    (JPMorgan Chase & Co)
    • $59.0 USD
    • 0.33
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