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By Tom Braithwaite in New York
Jamie Dimon, chief executive of JPMorgan Chase, said he was “dead wrong” to dismiss questions over the risk-taking of his chief investment office shortly before reporting a $2bn loss in the division.
In an interview on national US television broadcast on Sunday, Mr Dimon said: “We told you something that was completely wrong a mere four weeks ago.”Until the trading debacle, Mr Dimon was the last of Wall Street’s big beasts to retain his swagger after the 2008 crisis saw his contemporaries go down with the wreckage of their failed companies or retreat into private.
He told NBC that regulators would “come to their own conclusions” over whether his bank had broken accounting rules, and “we’ve had audit, legal, risk, compliance ... our best people looking at all of that”.
The Securities and Exchange Commission is reviewing the bank’s disclosures. The SEC will have to determine whether the disclosures of material losses were timely and whether JPMorgan corrected the record quickly enough.
People close to the bank have suggested that people will leave JPMorgan as a result of the failures. Mr Dimon has said there will be accountability.
Rivals have worried since that their industry’s most forceful spokesman will lose his influence with politicians and regulators. The JPMorgan chief executive – dubbed “Last Man Standing” by one biography for his resilience – has continued to push aggressively for changes to rules and chastised publicly politicians for getting in the way of the US recovery.
He now faces reputational damage for risk management failures, a potential toughening of new rules designed to prohibit risky trading and investigations by regulators, which could examine the timing of disclosures.
In early April, hedge funds complained that JPMorgan was distorting markets by a massive position in a credit derivatives index. The position, first reported by Bloomberg, was taken by Bruno Iksil, dubbed “the London whale” for the size of his trades, in the chief investment office, a supposedly safe part of the business that invests excess deposits and hedges other positions on the bank’s balance sheet.
But JPMorgan told analysts on a conference call on April 13 that the positions in the CIO, run by London-based executive Ina Drew, were not dangerous. Doug Braunstein, chief financial officer, said they were “long term”, meant “to manage for a significant stress event in credit” and the bank was “very comfortable” with them. Mr Dimon dismissed the issue as “a complete tempest in a teapot”.
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