Jamie Dimon Warns Shareholders of More Actions by Regulators
Jamie Dimon just warned shareholders that JPMorgan Chase will face more sanctions from regulators in the coming months.
In a letter to shareholders, Dimon addressed the "London Whale" scandal that hit the bank last year. The flawed investment strategy in credit derivatives wound up losing more than $6.2 billion.
"The London Whale was the stupidest and most embarrassing situation I have ever been a part of," Dimon wrote.
The chief executive of the bank pointed out that the bank's troubles with regulators are not over.
"We received regulatory orders requiring improved performance in multiple areas, including mortgage foreclosures, anti-money laundering procedures and others. Unfortunately, we expect we will have more of these," Dimon wrote
Regulators are requiring "extensive changes" to the bank's business, Dimon wrote.
"These new rules will touch almost every system, every legal entity, every product and every service that we have across the company," Dimon wrote.
You can read the full letter here.
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