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Now that shareholders have agreed to let Jamie Dimon keep both his jobs at JPMorgan Chase, the chairman and chief executive must resolve several pressing issues. Among them: succession, board composition and mounting regulatory scrutiny.
May 21
Jamie Dimon appears to have gotten his groove back.
The
But now that Dimon has
"Embarrassing! Terrible! Sorry!" he said at one point, in the briefest possible summary of all the
A few minutes later Dimon became even more vehement in his defense of the bank: "There was no lying, there was no bull----ing, period," he told investors at a Morgan Stanley (MS) conference.
During his remarks, Dimon held forth on the housing market ("Housing has turned the corner in every way, shape or form"); the future of interest rates ("We would all applaud a normalization of rates"); and his plans for M&A, or lack thereof (regulatory limits mean JPMorgan won't be able to buy another big bank in the United States, "and overseas I'd rather grow organically").
Shareholder votes notwithstanding, JPMorgan is still facing regulatory scrutiny of many of its operations, including its credit card collections and its energy-trading operations. Dimon said Tuesday that JPMorgan would deal with various regulatory probes as they come up, and acknowledged that the bank will continue to take "lumpy" charges on legal expenses.
"Some issues may be behind us, some are in front of us," he said.
But none of that could diminish Dimon's enthusiasm, which by the end of his presentation had turned into a virtual pep rally for his bank: "I am so damn proud of my company. I want you to know that," he concluded.