JPMorgan Chase CEO Jamie Dimon had some bad news for analysts on a Wednesday earnings conference call: $990 million in after-tax legal expenses related to foreign exchange trading.
Dimon explained that there would probably be more expenses to come, but that executives would try their best to “stop stepping in dogsh–, which we do every now and then.”
On the one hand, that’s textbook executive communication. Dimon admitted mistakes, was honest that there may be more difficulty to come, and promised to make changes. On the other hand, he cursed.