Photo: Lisa Du, Business Insider
Following JP Morgan’s release of better-than-expected earnings for the first quarter, CEO Jamie Dimon took to the phone lines to discuss the results with CFO Doug Braunstein. In the rundowns, we found this particular moment, where Dimon attempts to use pizza and mozzarella in an analogy to talk about lower margins in lending, particularly amusing— From Deal Journal:
Dimon attempted to address lower margins in lending business, even amid historically low interest rates and record-high middle-market loans. He blamed the difference on growing deposits: “It’s like having mozzarella for pizza, when it goes up a little your margins go down a little bit.” Before the next question was asked, Dimon admitted: “OK that was a dumb analogy.” Braunstein tried to lift him up by saying it was “tasty.”
It’s OK Jamie, we still think you’re super smart.