Expect a smaller JPMorgan, says CEO Dimon

In response to a number of regulatory probes, JPMorgan Chase’s Jamie Dimon told staff the firm would be simplifying, reports the Financial Times.

By: Staff
September 19, 2013 August 21, 2018
05:59

In response to a number of regulatory probes, JPMorgan Chase CEO Jamie Dimon told staff the firm would be simplifying, reports the Financial Times.

Read: U.S. banks criticize JPMorgan for whale error

Dimon said a “key initiative” would be to get rid of tangential and risky parts of the business, including its student loans and physical commodities divisions, reports FT. It has already sold its private equity business, One Equity Partners.

The move is ahead of a settlement in the case of Bruno “London Whale” Iskil. The former JPMorgan trader lost US$6 billion last year.

Read: JPMorgan under pressure to name independent board chair

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