New Era Anaheim Ducks

we get," Dimon said at a hastily convened conference call with investors to reveal the losses.

New Era Anaheim Ducks

New Era Anaheim Ducks

His admission of the mistake this week left some analysts asking whether his grip is slipping, and the bank's more than $2 trillion in assets have become too big for him to manage.

New Era Anaheim Ducks

New Era Anaheim Ducks

Dimon was not the man responsible for any of those, of course, as he is for the $2 billion error.

Now all that is on the line.

His zeal for cost cutting and perceived mastery of risk did more than keep New Era Anaheim Ducks JPMorgan strong enough to bail out two failing competitors, Bear Stearns and Washington Mutual. It gave him a kind of street cred during the post crisis years, when he lashed out at regulators who sought to rein in banks, and Occupy Wall Street protesters who raged against them.

By that time, Dimon had lived through several industry crises, including the savings and loan meltdown of the late 1980s, a Russian debt default in 1998 and the dot com stock bust of the early 2000s.

New Era Anaheim Ducks

New Era Anaheim Ducks

Dimon spent time reading biographies of statesmen and took up boxing lessons to let off steam. In 2000, he became CEO of Bank One, a Chicago bank that was losing money. By 2003, he had turned the bank around, and in 2004 it merged with JPMorgan Chase. Dimon became CEO of JPMorgan in 2006.

More likely, some other analysts said, it is a statement about how, three and a half years after the crisis, banks still conduct impossibly complex trades that are difficult to track. Asked to what, he first said trading losses then said, "There was some stuff in the newspaper and a bunch of other stuff."

Dimon's signature trait has been cost cutting, an attribute that helped the banks he Jordan Cap Pics

The amount of the loss was small for an institution of JPMorgan's size it New Era Hats 2016

Dimon, 56, grew up in the Queens borough of New York City, the grandson of a Greek immigrant. His father was a stockbroker who worked for many years at Merrill Lynch.

"It puts egg on our face, and we deserve any criticism Nike Cap Snapback Price

Weill went on to buy a host of companies, including Smith Barney and Travelers, and Dimon led some of those divisions. bank at that time.

Dimon was the heir apparent but had started to clash with Weill. Weill was insecure about Dimon's growing assertiveness, and Dimon often showed his temper in meetings. Weill fired Dimon in 1998.

In the 1980s and 1990s, he was the protege of banking industry legend Sanford Weill. In the early 2000s, he took over Bank One, an institution few believed was fixable, and restored it to a profit.

New Era Anaheim Ducks

During the crisis in 2008, Dimon drew wide praise for keeping his bank healthy, including from President Barack Obama and billionaire investor Warren Buffett. One biographical book that was released soon after the financial crisis was titled "Last Man Standing."

The revelation caused traders to shave almost 10 percent off JPMorgan's stock price the following day and brought a shower of complaints from industry observers and lawmakers who said banks needed tighter scrutiny.

In the years since, other Wall Street bankers and CEOs have cowered as the public backlash against bankers and their bonuses has grown. But Dimon, who made $23 million last year, according to an Associated Press calculation, used his stature to become the most outspoken banking CEO.

That low tolerance for profligacy kept the banks he managed strong enough to weather any crisis. Now, Dimon says the trade that was conducted is so complex that the losses could easily get worse.

Dimon had to face stock analysts and reporters on Thursday and confess to a "flawed, complex, poorly reviewed, poorly executed and poorly monitored" trading strategy that lost a surprise $2 billion.

JPMorgan's $2 billion loss was caused by trades that were meant to hedge, or protect, the bank from trading losses that could occur in the investments of the bank's corporate treasury.

A black mark for survivor of financial crisis

New Era Anaheim Ducks

After college and business school, Dimon turned down an offer from the venerable investment bank Goldman Sachs. Weill had been Dimon's father's boss at a previous job and recruited the younger Dimon to American Express.

led squirrel cash away. At Bank One, after finding out how many newspaper subscriptions the bank paid for, he is reported to have told an executive: "You're a businessman; pay for your own Wall Street Journal."

Dimon "staked so much of his reputation on creating this perception of being the ultimate, infallible risk manager," said Simon Johnson, a former chief economist of the International Monetary Fund who is now a professor at MIT. "And along comes this huge mistake."

cleared $19 billion in profit last year but will hurt its second quarter earnings and was an embarrassment. It rattled the industry, too. Other bank stocks fell as much as 4 percent Friday.

Weill became Dimon's mentor. When Weill left American Express in 1986, Dimon followed him to Commercial Credit Co., a sleepy finance firm that catered to middle class clients.

NEW YORK (AP) The reputation that Jamie Dimon honed for decades on Wall Street has been severely damaged in a matter of days.

New Era Anaheim Ducks

Making the black eye worse for Dimon, the loss came in derivatives trading, the complex financial maneuvering that on a much greater scale led to large losses and dissolved banks during the financial crisis.

New Era Anaheim Ducks

New Era Anaheim Ducks

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