What is the future of finance? Will Silicon Valley challenge Wall Street? Can China build global banks? There are few better places to contemplate such questions than Jamie Dimon's office, high in JPMorgan Chase's headquarters in New York City above Park Avenue. It's now more than three decades since Dimon teamed with Sandy Weill at American Express. Together they helped transform the financial industry. Ousted by his mentor, Dimon became CEO of Bank One, which he later sold to JPMorgan.
JPMorgan Chase & Co. (NYSE:JPM) reported weaker-than-expected numbers in its fourth quarter earnings release earlier this week. Although the Wall Street giant’s revenue and adjusted earnings both came below expectations for the three-month period, the bank reported the highest-ever net income of $21.8 billion for the fiscal year 2014 (FY14).
In early 2013, JPMorgan's outspoken chief Jamie Dimon trolled Sen. Elizabeth Warren (D-Mass.) when he told her to "hit" him with a fine because his bank could "afford it." Dimon has been a major critic of increased regulations on the financial services industry.
A federation of U.S. labor unions is looking to force JPMorgan Chase’s board to consider breaking up the company after the disastrous “London Whale” affair, but the bank is trying to ensure that its shareholders do not get to vote on the union’s proposal.
The largest U.S. bank is seeking permission from the U.S. Securities and Exchange Commission to omit the proposal from the measures that shareholders vote on this spring, according to a letter sent to the agency on January 14.
Two years ago, bank analyst Mike Mayo asked JPM chief Jamie Dimon a simple question: why should affluent customers not pick UBS over JPM due to a mismatch in capital ratios, to which Dimon's response was even simpler: "that's why I'm richer than you." To which we then added: "No logic, no rationale: all about the bottom line, which to Jamie at least is all that matters."
Earlier this week we reported that at JPMorgan, the many will pay for the crimes of the few, after the bank revealed that compensation for most workers would be flat with 2012, and no raises were planned for the bank's employees as a result of the massive, $20+ billion legal bill the bank has raked up in recent months as one after another market manipulation, fraud and malfeasance by current and former JPM workers has been revealed.