video Video
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
Dimon gets another black eye
Friday, October 11, 2013 - 01:31
Top News »
1:41pm IST - (1:54)
5:37am IST - (1:01)
5:36am IST - (1:28)
5:36am IST - (1:38)
Thu, 26 Apr, 2018 - (1:28)
Thu, 26 Apr, 2018 - (1:00)
Thu, 26 Apr, 2018 - (1:26)
Thu, 26 Apr, 2018 - (1:20)
Thu, 26 Apr, 2018 - (1:53)
Thu, 26 Apr, 2018 - (1:17)
Thu, 26 Apr, 2018 - (1:50)
Thu, 26 Apr, 2018 - (1:22)
Business »
2:59am IST - (1:24)
2:54am IST - (1:25)
1:48am IST - (1:15)
Thu, 26 Apr, 2018 - (1:27)
Thu, 26 Apr, 2018 - (4:47)
Thu, 26 Apr, 2018 - (1:26)
Thu, 26 Apr, 2018 - (1:55)
Thu, 26 Apr, 2018 - (0:58)
Thu, 26 Apr, 2018 - (1:31)
Thu, 26 Apr, 2018 - (1:53)
Thu, 26 Apr, 2018 - (1:13)
Thu, 26 Apr, 2018 - (1:46)
Rough Cuts »
12:21pm IST - (0:27)
12:08pm IST - (1:56)
5:38am IST - (1:32)
5:37am IST - (1:01)
5:36am IST - (1:28)
5:36am IST - (1:38)
12:06am IST - (0:31)
Thu, 26 Apr, 2018 - (1:00)
Thu, 26 Apr, 2018 - (2:20)
Thu, 26 Apr, 2018 - (2:21)
Thu, 26 Apr, 2018 - (0:46)
Wed, 25 Apr, 2018 - (1:27)
Technology »
Thu, 26 Apr, 2018 - (2:03)
Thu, 26 Apr, 2018 - (1:17)
Wed, 25 Apr, 2018 - (2:04)
Wed, 25 Apr, 2018 - (1:49)
Tue, 24 Apr, 2018 - (1:54)
Tue, 24 Apr, 2018 - (2:13)
Tue, 24 Apr, 2018 - (1:51)
Tue, 24 Apr, 2018 - (1:48)
Mon, 23 Apr, 2018 - (1:55)
Sun, 22 Apr, 2018 - (1:30)
Oddly Enough »
Thu, 26 Apr, 2018 - (2:42)
Thu, 26 Apr, 2018 - (1:24)
Mon, 23 Apr, 2018 - (0:45)
Mon, 23 Apr, 2018 - (2:11)
Sat, 21 Apr, 2018 - (1:00)
Fri, 20 Apr, 2018 - (1:27)
Fri, 20 Apr, 2018 - (0:53)
Thu, 19 Apr, 2018 - (0:53)
Thu, 19 Apr, 2018 - (2:22)
Wed, 18 Apr, 2018 - (1:33)
Entertainment »
12:08pm IST - (1:56)
1:53am IST - (0:47)
12:50am IST - (1:47)
12:15am IST - (2:19)
Thu, 26 Apr, 2018 - (2:16)
Thu, 26 Apr, 2018 - (1:00)
Thu, 26 Apr, 2018 - (2:21)
Thu, 26 Apr, 2018 - (0:57)
Thu, 26 Apr, 2018 - (0:54)
Wed, 25 Apr, 2018 - (1:17)
Tue, 24 Apr, 2018 - (1:38)
Tue, 24 Apr, 2018 - (1:51)