Jamie Dimon is glad it’s Facebook Friday. After a week where JPMorgan Chase revealed a $2 billion trading loss, saw questions about the reputation of the bank and its CEO mount, experienced a drop in financial value and heightened attacks from the pro-regulation camp, was sued by shareholders, and became the subject of an FBI investigation, the man is probably longing for a day off and a stiff drink. With the IPO happening, he can take a breather.
“For a bank viewed as a strong risk manager that never reported a loss throughout the financial crisis, the errors are embarrassing, especially in light of Dimon’s public criticism of the so-called Volcker rule to ban proprietary trading by big banks, and could lead to more heat from Washington on the sector,” wrote CNBC. Yikes.
The question now is what can be done to turn things around.