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April 10, 2014

Jamie Dimon Writes of ‘Nerve-Racking’ 2013

“Jamie Dimon, the chief executive of JPMorgan Chase, has reflected in his annual shareholder letter on a year that was marked by the bank pulling out its checkbook to mend frayed relationships with the federal government — a reconciliation that has already cost around $20 billion.

“In his letter on Wednesday, Mr. Dimon emphasized that despite those payouts — in fact, because of the “constant and intense pressure” — he was proud of JPMorgan and its “enduring resolve and resiliency.”

“He pointed to the $17.9 billion in annual profit, along with “strong performance” throughout the bank even though legal costs weighed on the bank’s bottom line.

“Hashing out those settlements while trying to reduce risks throughout JPMorgan, Mr. Dimon said, proved to be a kind-of high-wire act. He said the balance was “the most painful, and nerve-racking experience that I have ever dealt with professionally.”

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Read full NY Times article here.

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