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September 19, 2013

Rebuke makes grim reading for Dimon

The JPMorgan Chase “senior management” slammed by the Securities and Exchange Commission refers to only five people in leadership positions at the bank when the “London Whale” debacle emerged last year.

Only two are still in their jobs: a relatively unknown auditor and one Jamie Dimon, chief executive of the largest US bank by assets. Since the failures of 2012, Mr Dimon has won the support of shareholders at an annual meeting in May, apologised repeatedly before Congress and at conferences, got rid of staff implicated in the trading disaster and hired thousands more people to clean up compliance.

But though he avoided personal censure in the $920m settlement with regulators on Thursday, the latest rebuke by regulators is still grim reading for the JPMorgan boss, who used to be the acceptable face of Wall Street in Washington.

George Canellos, the SEC’s co-director of enforcement, pointedly referred to the bank’s senior management “grappling with how to fix its internal control breakdowns and disclose the full scope of its . . . trading disaster” while not bothering to inform the audit committee of the full extent of the problems.”


Read full Financial Times article here

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