Who are the people who want to listen to Jamie Dimon whine about being over-regulated? Seriously. I want to know who is actually sympathetic.
Jamie Dimon, grappling with multibillion-dollar legal costs and rising capital requirements at JPMorgan Chase & Co. (JPM), lashed out at U.S. regulators for putting his bank “under assault.”
“We have five or six regulators or people coming after us on every different issue,” Dimon, 58, said today on a call with reporters after New York-based JPMorgan reported fourth-quarter results. “It’s a hard thing to deal with.”
JPMorgan, the largest U.S. bank by assets, posted a drop in fourth-quarter profit amid $990 million of legal expenses, about double what some analysts predicted. The legal costs, mostly tied to probes into currency rate-rigging, follow even bigger payments in 2013 related to mortgage bonds sold before the 2008 crisis by JPMorgan and two firms it acquired.
In my opinion, JPMorgan’s legal costs are a bad joke. If corporations were really people, JPMorgan would be in jail.
Irrespective of my opinion, people are selling off JPMorgan stock like mad at the moment. Despite a lot of very positive economic news over the last week, retail sales in December didn’t meet expectations and the market is reacting.
As far as I am concerned, all the right people are losing money.
