JP Morgan Chase CEO goes on apology tour
The bank’s CEO admits to ‘egregious mistakes,’ but it may be impossible to talk his way out of damage from the bank’s recent $2 billion loss.
On a Thursday conference call, JP Morgan Chase CEO Jamie Dimon took two seconds to announce that the bank lost $2 billion in derivatives trading over a few weeks. He spent the next half-hour apologizing. “These were egregious mistakes; they were self-inflicted,” he said, later noting, “I understand fully why you, or anyone else, would question us generally.” On Sunday’s “Meet the Press,” Dimon continued that line. “We made a terrible, egregious mistake,” h read more...
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