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The $2 billion loss not only helped proponents of a tougher Volcker Rule and punctured the myth of CEO Jamie Dimon's infallibility. It also strengthened calls from regulators like Tom Hoenig for stronger action against big banks.
May 11 -
Until now, there was no expectation that anyone at Tuesday's shareholder meeting would complain about the enormous booty Jamie Dimon earns. The $2 billion trading loss changes everything.
May 13 -
The painful and embarrassing loss at the bank's chief investment office "plays right into the hands of a bunch of pundits out there," the CEO admits.
May 10
Move along now. We've already talked about this.
That was the message of JPMorgan's anticlimactic, abbreviated annual shareholder meeting at a company facility in Tampa, Florida. Anticipated as
The losses were still "stupid" and "self-inflicted," Dimon reiterated. And the bank, with its "fortress balance sheet," will take corrective action "as necessary."
Dimon's staid tone stood in contrast to his normally forceful opinions, and shareholders largely went along. As for the activists among them, the focus was more on mortgage servicing problems than on trading losses. When investors did raise the issue of the Volcker Rule and regulation, Dimon stuck to his low-key script.
"We are not against new regulation," he told the audience. "We supported 70-80% of Dodd-Frank. We all want better, stronger regulation that is based on facts and analysis."
Concerns
