J.P. Morgan Chase & Co. Chief James Dimon said the bank's
recent foreign exchange guilty plea didn't cripple the bank, but it
was a scary outcome that will probably cost it some business.
Last week, five global banks including J.P. Morgan agreed to pay
$5.6 billion in combined penalties and plead guilty to criminal
charges to resolve a long-running U.S. investigation into whether
traders colluded to move foreign-currency rates for their own
financial benefit.
"It's a terrible thing to have to go through that," Mr. Dimon
said at a financial services conference Wednesday afternoon, adding
there were conversations with the management team, thousands of
people to brief beforehand and the board wasn't happy.
Mr. Dimon, chairman and chief executive of the nation's largest
U.S. bank by assets, added that regulators and the government did a
"very good job" preconditioning the market and announcing guilty
pleas and fines against several banks at the same time. Still, Mr.
Dimon said he expects the bank will lose some business due to the
guilty plea.
He added the bank has learned from the mistakes and now has new
rules and surveillance around chat rooms, which is where much of
the colluding about currency trades occurred.
Write to Emily Glazer at emily.glazer@wsj.com
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