In case that was unclear. Also, no more "surprises" like you know what again, please.
Internal memos obtained by FINS from Chief Executive Jamie Dimon -- previously thought to be immune from such calamities -- and Chief Risk Officer John Hogan seek to assure employees that the bank will fix whatever went wrong...Sent by Dimon at 5:07 p.m. last evening to all employees, the first memo said that firm "has made serious mistakes in how we managed this portfolio which was riskier, more volatile and less effective as a hedge than we had previously thought." He said the bank has "top people" "digging deep into these issues," and that the firm "will learn from this experience and take whatever correction is needed." He told employees that no customers suffered and that he was proud of the 270,000 people who work at J.P. Morgan. "Thanks for all that you do," he wrote.
The second memo was sent by Hogan and addressed to employees in the risk department. It read in part: "I want to reiterate the critical role that we play at J.P. Morgan Chase. We must remain vigilant in early identification of risks as they relate to clients, counterparties or markets. Relaxing our guard is never an option. We need to use the tools available to us and not lose sight of tail events. Our focus is no surprises and a readiness to escalate quickly continues to be vitally important. Remember as an independent oversight function it's our responsibility to escalate early and as often we see fit."