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After breezing through a Senate hearing last week, JPMorgan Chase CEO Jamie Dimon faced tough questions from members of both parties at a hearing before the House Financial Services Committee.
June 19 -
In congressional testimony, the JPMorgan Chase chief executive seeks to strike a balance between contrition and assurances that the situation is under control.
June 12
When regulators, lawmakers, investors and journalists are dissecting your big financial mishap under a public spotlight, a pep talk from someone who evades 300-pound linemen for a living would go a long way.
JPMorgan Chase CEO Jamie Dimon received just that kind of inspiration last spring — from all-everything NFL quarterback Tom Brady.
The announcement of JPMorgan's multibillion-dollar trading loss through its London investment office amplified criticism of risks taken by big banks, and did so as regulators were in the process (and still are) of implementing the Dodd-Frank Act's ban on proprietary trading by banks.
But at the height of the scandal Dimon discovered the unexpected fan in his corner, according to a new Vanity Fair
"After spending much of July 13 again explaining the trading loss to the media and to research analysts — including making the stunning admission that the traders in London may have intentionally mismarked the trades to make them look less egregious, a potential illegality that the Justice Department is still investigating — the exhausted Dimon got an unexpected call from Tom Brady, the star quarterback of the New England Patriots," the article said.
The call — intended to give Dimon some encouragement — was set up by Jimmy Lee, the bank's vice chairman of investment banking and a "legendary sports fan," the article said.
"Brady reminded Dimon that even Super Bowl champs have bad days and told him 'to hang in there,'" the article said. "'I was surprised he even knew who I was, to tell you the truth,' Dimon says."
