Panic On The Trading Floor As Execs Hear About Huge Trading Loss

A Chicken

So much for never making a drama out of a crisis.

Bloomberg reports that JPMorgan Chase CEO Jamie Dimon has said some top executives at the largest U.S. bank 'acted like children' in handling an errant derivatives bet that cost the company more than $6.2bn last year.

'Instead of helping, they were running around with their head chopped off, ‘what does this mean for me personally, how’s my reputation ?’ Dimon, 56, said Tuesday at a conference in San Francisco hosted by the New York-based bank. Some people 'felt they could take advantage of it personally, they were willing to hurt the company by maneuvering'.

'We had 100 people who worked every day for 90 days to help the real problem, the risk, not the ongoing regulatory review, but the real problem to get the risk down so we didn’t have ongoing exposure', Dimon said.

While some people 'acted terribly', he said the bank now has the 'best management team I’ve ever had in my entire life'.

'You learn the good and the bad about people and that’s invaluable to find out who those people are', he said.

Hit the link below to access the complete Bloomberg article:

Dimon Says Some JPMorgan Execs ‘Acted Like Children’ on Loss

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