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JP Morgan chief executive 'so damn proud' of bank set to be fined $13bn
Source: The Guardian
JP Morgan chief executive 'so damn proud' of bank set to be fined $13bn
Dominic Rushe in New York
theguardian.com, Monday 21 October 2013 17.54 BST
The embattled JP Morgan chairman and chief executive, Jamie Dimon, said on Monday the bank was attempting to put its problems behind it, as prosecutors weighed a record $13bn fine.
Dimon reached a tentative deal this weekend with the Justice Department to end a number of civil investigations into its sale of mortgage securities before the 2008 financial crisis. The deal is not thought to end a potentially more serious criminal probe into the US's largest bank and its executives.
"I am so damn proud of this company. That's what I think about when I wake up everyday," Dimon told CNBC in an interview that aired on the Squawk Box show, adding: "260,000 people around the world are doing a great job for our clients. We're gaining market share. We're doing great stuff. We're trying to get our problems behind us."
The deal with the Justice Department comes amid a series of investigations into the bank in the US, UK and China. The Justice Department deal is thought to include a $4bn payment to settle claims that the bank misled lending giants Fannie Mae and Freddie Mac about the quality of mortgage-backed securities it sold them before the 2008 crash. Another $4bn would be paid in consumer relief, and $5bn in penalties.
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Dominic Rushe in New York
theguardian.com, Monday 21 October 2013 17.54 BST
The embattled JP Morgan chairman and chief executive, Jamie Dimon, said on Monday the bank was attempting to put its problems behind it, as prosecutors weighed a record $13bn fine.
Dimon reached a tentative deal this weekend with the Justice Department to end a number of civil investigations into its sale of mortgage securities before the 2008 financial crisis. The deal is not thought to end a potentially more serious criminal probe into the US's largest bank and its executives.
"I am so damn proud of this company. That's what I think about when I wake up everyday," Dimon told CNBC in an interview that aired on the Squawk Box show, adding: "260,000 people around the world are doing a great job for our clients. We're gaining market share. We're doing great stuff. We're trying to get our problems behind us."
The deal with the Justice Department comes amid a series of investigations into the bank in the US, UK and China. The Justice Department deal is thought to include a $4bn payment to settle claims that the bank misled lending giants Fannie Mae and Freddie Mac about the quality of mortgage-backed securities it sold them before the 2008 crash. Another $4bn would be paid in consumer relief, and $5bn in penalties.
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Read more: http://www.theguardian.com/business/2013/oct/21/jamie-dimon-jp-morgan-13bn-fine
