JP Morgan is sometimes called 'The House of Dimon' for the all encompassing presence of its CEO, Jamie Dimon. For years he has been unquestionably the most powerful banker in the United States, and as such, the de facto voice of Wall Street.
JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a 6.6% drop in quarterly profit as legal costs exceeded US$1 billion in the wake of government probes, leading Chief Executive Jamie Dimon to claim banks were “under assault.”
JPMorgan agreed in November to pay US$1 billion in penalties over its conduct in foreign exchange markets. Investigations into that and other areas of the bank’s business, including alleged manipulation of Libor interest rates, are continuing.
JPMorgan Chase chief executive Jamie Dimon will face shareholders' wrath Tuesday after admitting that the top US bank lost $2 billion in derivatives trading in just six weeks.A day after JPMorgan let its chief investment officer go in the wake of the huge loss and the bank's shares took another sharp fall on the stock market, Dimon will head to Tampa, Florida to answer to investors at the bank's annual meeting.