JPMorgan Chase (JPM) will fight "till the end" anyone who sues the bank over more than $6.2 billion in losses in its chief investment office last year, Chief Executive Officer Jamie Dimon said.
"There was no hiding, there was no lying, there was no bulls----ing, period," Dimon said Tuesday at a conference sponsored by Morgan Stanley in New York. "But we were wrong about stuff."
Dimon said the company would vigorously defend against lawsuits tied to the losses. "Anyone who sues, we're going to fight that one till the end, too, by the way," Dimon said. "So keep that in mind."
Last year's losses were the focus of a probe by the U.S. Senate Permanent Subcommittee on Investigations. The panel said in a March report that the bank dodged regulators and misled investors amid souring bets by trader Bruno Iksil, dubbed the London Whale because his positions were so big. Managers manipulated risk models and traders valued positions favorably to obscure mounting losses, according to the report.
