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U.S. News & World Report’s Rick Newman on J.P. Morgan CEO Jamie Dimon’s effort to improve his image as well as that of the bank.
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I'm Jamie Dimon hasn't more than two billion dollar trading loss -- -- and before going to be bigger he's also don't worry about his legacy.
And it seems he's doing all he candidacy bit tickled one -- Capitol Hill today.
Use of -- euros money and for that we feel terrible little Lotta people down and -- very sort work.
Things sorry enough let's asked Rick Newman chief business correspondent US news and world report and author of rebounder is how winners it'd.
From setback to success would expect.
It's a start immediately clearly has to say he's sorry and I actually think it's refreshing and way he's handled the whole thing from the beginning -- Mena has said look we screwed up from the really from the beginning.
That's -- we heard from most of the Wall Street firms that foundered in 2008 and 2009 we heard.
It's the regulators' fault it's the bank's fault for calling in our lines are competitors are spreading nasty rumors about us and Jamie Dimon really just cannot set its it's our fault we screwed up we lost this money.
Yeah now let's move on so.
You know that JPMorgan has been punished for this other stocks down something like ten bucks if I remember right -- 16% since the dad and they took it to market values down by a lot and they have to get that back.
But I think he has sort of gotten over the hump in terms of just getting back to business as usual they're gonna have to keep the -- -- -- first of all minimize this loss because it's not over.
But you know we're gonna have an earnings report out for the second quarter by the end of the year.
I JPMorgan probably gonna report net a net profit of something that somewhere between fifteen billion at eighteen billion dollars for the year.
And I think as -- -- -- where he keeps making money I think they'll recover and it'll become business as usual for them.
For -- -- because I mean he had really taken on a cult like following earlier over the whilst the front of the Wall Street -- -- to the financial crisis of 100 Dimon you know like he could save the wealthy Superman known as the last man standing out here after the financial crisis.
Lucky stumbled.
Yeah he's not as he's not a superhero I think that's I think that's the bottom line here but maybe this I think that it's actually and potentially might help make make him a better CEO.
I -- we have this idea that if you make a mistake you -- to get fired or that's the end of line it's almost as if there's -- zero tolerance policy for -- at least from a policy perspective.
But that mistakes are often were you learn the most important thing.
And you could argue the -- -- if she's we Jamie Dimon won't come out of this.
Being more attuned to risk than he ever was so he slipped a little he took his eye off the ball.
But he was known for risk management in the first place and he's probably gonna double down on that now so.
You know shareholders have had a chance to weigh in on this in the directors -- JPMorgan they've basically said he's our guy.
You know there are always the situations where somebody stumbles something happens they get fired you know whatever they come out on the other side.
And end up looking even stronger with what they did to correct it just.
No I mean.
This was eight a big -- -- that was festering that he should have seen -- when he was initially asked about it you know they have added that comment for ever will be famous this is a tempest in a teapot yet found say.
You either he was wrong or he was lying he's he said he was wrong.
-- was -- and a sickening it sort of cuts to the core principle what he's been known for.
You know which is being a leader knowing what's going nine.
It's definitely -- definitely a come down for him I mean it's -- it's a big dent in his armor there's no doubt about and he needs to wake up and say I was blind to this.
I think he started to do that by -- right out it was a mistake we still don't really know exactly what happened in.
It's been a little Fuzzy about how much was he directly responsible on how much as -- kind of putting the blame off on others.
I think that that distinguishing factor between I in my book I call these people -- -- in the what I -- is a distinguishing factors.
What you do with the mistake if you are open mind about it most importantly don't blame other people say what -- -- contribute to this and then fix what you did and make yourself better in the future that is how that is where comeback comes from.
And I think he started to do that I think there's more to do and we always want to know is this just search sort of window dressing is -- just speaking nice for the -- -- it is he really gonna do it.
But we just -- on -- better on he was talking about how he needs to make some sort of institutional change within the company and make sure this hasn't happened again it sounds like -- is resisting saying she's an isolated incidents well you know.
Is that essential.
He was resisting a two members of congress who I don't I think if -- -- what institutional change from JPMorgan really make I don't think a single one of those senators would actually know now I mean a lot a lot of those guys really don't know that much about banking or certainly the details of finance even other on the senate banking committee.
I I think that the the answer is going to be in the in the bank's performance coming forward and we can analyze these words but we're gonna know from numbers that they turn and where there's going to be a lot of its attention paid to whether they meet expectations -- expectations.
-- really be expectations and I.
If Jamie -- Smart that's what he's focusing on -- just perform okay thank you so.
