In case you haven’t heard because you’ve even sleeping under a rock, Jamie Dimon admitted late last Thursday that the bank’s corporate office trading arm has lost at least $2 billion from a “hedge” that went terribly south in just the last six weeks.
Best summary of coverage is from my editor at American Banker, Marc “The Rock” Hochstein in the Morning Scan. If you’re not subscribing you should. Marc recaps the prior day’s news highlights with a bit of wit and a touch of sarcasm.
Just the way I like it.
Here’s a link to yesterday’s Morning Scan.
My column on the subject this morning at American Banker is getting quite a bit of play. Dimon’s mea culpa on the loss was timed to avoid lying, again, to a room full of people – JP Morgan’s Annual Meeting is tomorrow May 15 – about how bad 2nd quarter results will end up. Listen to the conference call, scheduled hastily at 5pm EST last Thursday to hear Dimon apologize to several analysts he met with earlier that week for not telling them about the trading losses.
It’s not too late for JPMorgan shareholders to change their votes on Dimon’s pay package. The proxy instructions say that votes can be changed at the meeting if you attend in person or revoke or amend your prior instructions by contacting the Corporate Secretary in the same way they were initially given – by telephone, email or in writing.
JP Morgan’s auditor? PricewaterhouseCoopers since 1965.