JPMorgan

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.” […] 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. [Bloomberg]

Back in the day, JP Morgan had no issue with managing the investment account of Sigma Alpha Epsilon’s charitable foundation. Then the bank’s reputation took a hit in the eyes of the regulatory industry, and started paying multi-billion dollar fines, and had its hiring practices in China questioned, and it was forced to reevaluate some of the people with whom it did business. At the same time, SAE was setting records for deaths “linked to drinking, drugs and hazing,” and someone decided JPM had enough bad publicity of its own without being linked to an organization that makes people strip down to their underwear, stand in a trash can filled with ice, and recite a credo about what it means to be a “true gentlemen.”

That JP Morgan, it of $23 billion “to resolve regulatory and criminal investigations,” of rogue whales, of possible Foreign Corrupt Practices violations, decided it could be hurt by an association with SAE was extremely troubling to national President Bradley Cohen. “If JPMorgan is going to turn us down, who’s next?” he wondered aloud to Bloomberg. “What if universities start saying SAE’s not welcome?” The thought was too much to bear, so he did a bunch of thinking and decided that pledging could no longer be part of the Sigma Alpha Epsilon way.

A lot of people, like the parents of kids who died trying to get into the fraternity, thought this was a good move. One Oklahoman, did not. Read more »

  • 07 Mar 2014 at 3:12 PM

Bonus Watch ’14: JP Morgan Whistleblowers

Keith Edwards did pretty well for himself last year. Read more »

  • 13 Feb 2014 at 3:22 PM

JP Morgan Learns From Its Mistakes

Back in November, JP Morgan announced that it would be offering up Vice Chairman Jimmy “Get Tom Brady On The Phone” Lee for questioning by the people of Twitter. The pre-show did not go well and the whole thing had to be canceled, in part because it somehow wasn’t anticipated that there might be lingering questions about the billions the firm had lost/was fined/was about to be fined. Today, the bank has demonstrated that it took its remedial interenet classes seriously, and redeemed itself with this: Read more »

  • 15 Jan 2014 at 3:23 PM
  • Banks

A Fresh Indignity For Jamie Dimon

He may not be going anywhere, but he’ll have to stand behind John Stumpf at industry gatherings this year. Read more »

  • 14 Jan 2014 at 5:42 PM

P.S. Jamie Dimon Isn’t Going Anywhere

A feisty Jamie Dimon said that he’s not planning on resigning in the wake of a raft of fines that has plagued JP Morgan over the past year. Asked if he would consider resigning on a conference call this morning to discuss the bank’s fourth-quarter results with reporters, the chairman and CEO fired off: ”No, no and no.” He qualified his comments in the same breath, “And it’s all up to the board.” [Quartz]

Like Bank of America, JP Morgan, and Goldman Sachs before it, Credit Suisse announced this week that analysts and associates will have some semblance of a weekend, moving forward. Unlike JP Morgan’s monthly “protected” weekend and BofA’s “take the number of UNAUTHORIZED weekend days you were previously working and cut it in half,” Credit Suisse has chosen to adopt the Goldman Sachs 36-hour weekend model, unless of course urgent work needs to be done, in which case, consider your ass glued to that desk. Read more »

  • 13 Jan 2014 at 4:31 PM

Bonus Watch ’14: Everyone

Pay predictions for Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, RBS, UBS. Read more »