Jamie Dimon Shook Up JPMorgan Management Post-CIO Loss Because He God Damn Well Felt Like It, Will Support The Asinine Reforms Threatening To Destroy America On A Dark Day In Hell

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Jamie Dimon, the outspoken chief executive of JPMorgan Chase, sat down on Tuesday for what banking analysts called a “fireside chat” during the Barclays 2012 Global Financial Services Conference. Known for his hands-on management style and confident swagger, Mr. Dimon has been navigating the fallout from a rare misstep in his career after JPMorgan announced a multibillion-dollar loss on a complex credit bet at its chief investment office unit. During a question-and-answer session with Jason Goldberg, a Barclays analyst, Mr. Dimon responded to questions about things like his stance on the mounting turmoil in Europe and regulatory changes, in particular the Volcker Rule, which restricts banks from trading with their own money. Mr. Goldberg started by asking Mr. Dimon about the rationale behind shaking up the upper echelons of JPMorgan’s executive suite in July. “It had nothing to do with the chief investment office,” Mr. Dimon said. He added that “there is nothing mystical, folks,” because the moves enabled greater cross-selling. “Cross-selling is a big deal, and we do an exceptionally good job,” he said…Tackling the issue of whether the big banks should be broken up, Mr. Goldberg asked Mr. Dimon about recent calls to break up the major banks. “There are huge benefits to size,” Mr. Dimon said. He noted that JPMorgan’s size allowed it to be “a port in the storm” during the market turmoil of 2008. “Big banks have a function in society.” The United States, he added, has the “best, widest, deepest and most transparent capital markets in the world.” Cautioning against needless reform, Mr. Dimon said, “Let’s make sure we keep that before we do a bunch of stupid stuff that destroys that.“ [Dealbook]

Comments (44)

  1. 1
    Posted by Guest | September 12, 2012 at 12:04 PM

    With his hands on management style and confident swagger, I'd let JD shake me up anytime

  2. 2
    Posted by guestosaurus | September 12, 2012 at 12:05 PM

    “There are huge benefits to size,” Mr. Dimon said.

    finaly that discussion is closed.

  3. 3
    Posted by JD- | September 12, 2012 at 12:09 PM

    Hey! ;)

  4. 4
    Posted by Guest | September 12, 2012 at 12:36 PM

    In order to appropriately induce vomiting, you needed to add "- Elizabeth Warren" or "- Maxine Waters"

  5. 5
    Posted by Guest | September 12, 2012 at 12:37 PM

    When I grow up, I want to be just like Mr. Dimon!

  6. 6
    Posted by guest | September 12, 2012 at 12:48 PM

    overcompensate much?

  7. 7
    Posted by Dateraider | September 12, 2012 at 12:54 PM

    Caption contest? "Boom boom boom, everybody say wayo!"

  8. 8
    Posted by Edmond_Dantes | September 12, 2012 at 1:01 PM

    '…our markets are in fact so transparent….' Dimon continued, '…that our chief investment office only had to revise its initial $1 billion loss to over $7.5 billion, only 2 times over the course of six months…'

  9. 9
    Posted by Baptist Quant | September 12, 2012 at 1:03 PM

    Cross selling? Great. Competing with the Protestants now?

  10. 10
    Posted by Guest | September 12, 2012 at 1:03 PM

    Do you warsh your mother with those hands, Jamie?

  11. 11
    Posted by guest | September 12, 2012 at 1:27 PM

    It's like they always say, big hands = big bank

  12. 12
    Posted by Guest | September 12, 2012 at 1:28 PM

    As long as they don't get into the indulgence business it's all good in the hood

    -Julius II

  13. 13
    Posted by guest-o | September 12, 2012 at 2:35 PM

    “There are huge benefits to size,” Mr. Dimon said, demonstrating with his hands the size of his own "tier one capital." Mr. Dimon, 56, then rose and swaggered out of the room.

  14. 14
    Posted by gUEST | September 12, 2012 at 4:23 PM

    Towards thee I roll, thou all-destroying but unconquering whale; to the last I grapple with thee; from hell's heart I stab at thee; for hate's sake I spit my last breath at thee.

  15. 15
    Posted by Guest | September 12, 2012 at 4:24 PM

    Wayoooo

  16. 16
    Posted by p2w | September 12, 2012 at 6:51 PM

    i guess you gotta give the guy a golf-clap for turning it up to 11 on the self-serving bullshit, but wow, what an ass-clown…

  17. 17
    Posted by Guest | September 13, 2012 at 5:51 PM

    I was expecting Bess to include a "huge benefits to size" tag.

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