JPMorgan CEO says bank ramping up control efforts -memo
NEW YORK, Sept 17 (Reuters) - JPMorgan Chase & Co has increased its spending on control efforts by about $1 billion and added 3,000 employees this year alone to handle mounting legal, risk and compliance issues, Chief Executive Jamie Dimon said in a memo sent to employees on Tuesday.
Dimon, who has come under pressure to improve the bank's relationship with regulators, said he now personally meets with bank examiners "on a regular basis" and held town hall meetings in May and June for examiners from top U.S. regulators and staff who regularly deal with those examiners.
"Our control agenda is priority No. 1," Dimon said in the memo, which was obtained by Reuters. He encouraged staff to continue "facing our issues and rolling up our sleeves to fix them."
JPMorgan has come under fire since last year, when a large, money-losing derivatives trade came to light, eventually costing the bank more than $6 billion and leading to the indictment on Monday of two ex-employees.
The bank is also facing probes from the U.S. Department of Justice, the Securities and Exchange Commission and other government agencies that are looking into subjects including energy trading, possible bribery in hiring practices in China, and possibly fraudulent sales of mortgage securities.