Reuters - Video

Edition: US | UK | IN | CN | JP

video Video

Shuttle astronauts arrive at Cape Canaveral
Shuttle astronauts arrive at Cape Canaveral - 01:18
Waiting for Bernanke
Waiting for Bernanke - 01:51
Thousands at Sai Baba funeral
Thousands at Sai Baba funeral - 01:03
Al Qaeda releases hostage messages
Al Qaeda releases hostage messages - 01:43
Obama calls birth controversy \
Obama calls birth controversy "distracting" - 05:29
Protests intensify in Yemen
Protests intensify in Yemen - 01:24
Border clashes displace thousands
Border clashes displace thousands - 01:50
Time magazine salutes their 100 most influential
Time magazine salutes their 100 most influential - 01:39
Tank convoy seen near Damascus
Tank convoy seen near Damascus - 00:53
U.S. says Libyan opposition deserves support
U.S. says Libyan opposition deserves support - 01:33
Deadly clashes in Sanaa, Yemen
Deadly clashes in Sanaa, Yemen - 01:11
Mega gas field find in Bolivia
Mega gas field find in Bolivia - 01:22

Dimon gets another black eye

Friday, October 11, 2013 - 01:31

Oct. 11 - JPMorgan Chase top executive Jamie Dimon, already fighting a barrage of legal issues, now has the bank's first quarterly loss since he took over seven years ago to mar his once stellar image. Conway G. Gittens reports.

▲ Hide Transcript

▶ View Transcript

Troubles continue to dent and ding the legacy of JPMorgan Chase Chairman and CEO Jamie Dimon. After coming out of the financial crisis without a scar, Dimon now has the blemish of presiding over his first quarterly loss at the bank. If you look at the past three months alone, legal and regulatory woes took $7.2 billion out of the bank's coffers, some of that stemming from acquisitions to bail out troubled firms during the crisis like Bear Stearns and Washington Mutual. But that rising bill isn't just tied to the financial crisis. Some of those billions are to deal with future settlements over the now infamous London Whale trade of 2012. As a matter of fact, Dimon has now built up a $23 billion war chest to deal with litigation issues he says are far from over and "painful". Warning in a statement: "While we expect our litigation costs should abate and normalize over time, they may continue to be volatile over the next several quarters." But if you look at how the bank is operating under his command, Dimon's image looks less damaged. Stripping out special items, as well as losses tied to legal issues, America's biggest bank turned a profit slightly shy of 6 billion dollars, which at first glance is better than analysts were expecting. So far, operating profits like that has drowned out any calls for him to split his role as Chairman and CEO.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Close

Dimon gets another black eye

Friday, October 11, 2013 - 01:31