Jamie Dimon is taking some of the dollars he has left after all of the settlements to test whether an ounce of prevention—in this case an extra $1 billion in compliance spending—is actually better than a pound of cure. Well, in this analogy, where $1 billion is an ounce, a pound and a quarter of cure.
The bank earlier this year said it added $1 billion in costs to clean up its risk and compliance problems. On Wednesday, Mr. Dimon told investors at a Goldman Sachs Financial Services Conference that he expects that number to be $2 billion in 2014….
Mr. Dimon said Wednesday that J.P. Morgan paid a “premium to settle” but “we have to get some of these things behind us.” Some shareholders urged him to fight but Mr. Dimon said that would mean years in court and more media attention. “I don’t want to threaten the health of my company ever.”