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May 15, 2013

In Role Reversal, Goldman Chief Advises Dimon

“Jamie Dimon has consulted lawyers, public relation experts and bankers as JPMorgan Chase wrestles with the fallout from a multibillion-dollar trading loss. But the bank chief has received advice from an unexpected corner: Lloyd C. Blankfein of rival Goldman Sachs.

The two executives have talked privately a number of times in recent months about the challenges that Mr. Dimon is facing, people with knowledge of the relationship but not authorized to speak on the matter, have said.

JPMorgan is battling a shareholder vote on whether to separate Mr. Dimon’s positions as chief executive and chairman, and is also dealing with a number of regulatory investigations. The vote is coming to a head. Within the last week shareholders have been casting their ballots, but at least a handful of major shareholders have yet to vote, according to others briefed on the matter but not authorized to speak on the record.

The conversations between Wall Street’s two most powerful chieftains represent a reversal of roles. It is now Mr. Dimon who is in a harsh public spotlight, seemingly at odds with regulators. It was not long ago that Mr. Blankfein was being questioned by Congress over accusations that Goldman had misled investors during the financial crisis over the sale of mortgage-backed securities.”

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Read full New York Times article here

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