JPMorgan CEO makes an apology
TAMPA, Fla. — The CEO of JPMorgan Chase offered a quick but blunt apology to shareholders Tuesday for a $2 billion trading loss that “should never have happened” and survived a push to strip him of the title of chairman of the board.
CEO Jamie Dimon, who in recent years has given expansive answers to questions about the bank’s handling of foreclosures and loan modifications, was unusually subdued at the JPMorgan annual meeting.
He spent four minutes talking about the trading loss and steps the company has taken to address it, and just two more talking about accomplishments of the company over the past year.
The loss, disclosed Thursday, rattled investor confidence in the largest bank in the United States and in the ability of Wall Street to fight regulatory changes more than three years after the financial crisis.
It also added some theatrics to the JPMorgan meeting, traditionally a staid affair. Reporters swarmed, police with guns stood guard on the roof, and protesters threw eggs at a poster with Dimon’s picture on it.
