Earlier this week, JPMorgan’s outspoken chief executive Jamie Dimon mocked the media’s coverage, especially by newspapers, of the compensation-to-revenue ratio at banks.
During his closing remarks at JPMorgan’s Investor Day on Monday, Dimon whipped out a statistic “just for fun” calling out newspapers for their 42% payout ratio, which he said is “just damned outrageous” as members of the audience broke out in laughter. (We’re not sure if the press at the event was laughing)
“Worse than that, you don’t make any money!” he said, adding, “We pay 35% and we make a lot of money.”
We’ve got the audio. It happens around 2:15.