On Sept. 13, Jamie Dimon told Keefe, Bruyette & Woods that JPMorgan’s “overall productivity” had “taken a hit” during the coronavirus epidemic. The bank’s employees particularly seemed to treat Mondays and Fridays as half days, if that. Dimon and the higher-ups blamed it all on work-from-home, which is why several days earlier the bank informed senior sales and trading employees that their plague season in paradise was over, pestilent offices or no. But there may be another reason why so many seemed so distracted.

More than 500 JPMorgan Chase & Co. employees got assistance from taxpayers aimed at helping businesses through the pandemic… After noticing hundreds of employees had received government funds in their accounts, the bank began scrutinizing director-level employees and workers who received certain amounts, according to people with knowledge of the confidential review who spoke on condition they not be named. Of almost two dozen in that first group, the bank found five -- none of them director-level employees -- had improperly tapped the program, one of the people said.

Ultimately, the bank’s look at hundreds of deposits found many were probably legitimate -- providing funds, for example, to side businesses run on workers’ own time. A JPMorgan spokeswoman declined to comment on its investigation.

JPMorgan Finds More Than 500 Workers Got U.S. Virus Relief Funds [Bloomberg]
Earlier: Well, Here’s One Way JPMorgan Became The Largest Distributor Of PPP Funds


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Jamie Dimon Is Getting Lonely

And if you’re a JPMorgan trader, it’s your job to keep him company.

Jamie Dimon Candidate

It’s Not Jamie Dimon’s Fault He Can’t Help Sounding Presidential

Maybe all of you Bernie Bros should have thought about that before scaring him out of the race and leaving us with Joe Biden.


Anything Jamie Dimon Can Do Badly Wells Can Do Worse

Charlie Scharf’s transformation plan is still a work in progress.


Jamie Dimon Is Not A Luddite

And he’s spending a few hundred million dollars to prove it.

Wells Fargo.Insane

Wells Fargo Employees Still Know How To (Fraudulently) Gussy Up An Application

And like some of their bad apple brethren are thusly former Wells Fargo employees now.

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Serial Bummer Jay Clayton Takes The Fun Out Of Coronavirus Bailouts

The first rule of bailout money is: Talk a lot about what you’re doing with your bailout money.

By Steve Jurvetson (Flickr: Jamie Dimon, CEO of JPMorgan Chase) [CC BY 2.0], via Wikimedia Commons

Wells, JPMorgan Saving A Great St. Patrick’s Day Present For You

Other banks have chosen getting stimulus money to their customers ASAP, but the big guys are planning a green gift on the greenest day.