OK, yes — JPMorgan did miss earnings estimates Monday, but that’s probably not an excuse for a potty mouth.
On the conference call following the bank’s dismal earnings announcement, which included a nearly $US1 billion legal expenditure, CEO Jamie Dimon said that the bank would “try to avoid stepping in dogs..t.”
He also blasted analysts for what he considers a short-term negative outlook on the bank’s prospects. That said, the stock is down 4.5%.
That’s odd considering how many times all of Wall Street’s giant banks have weathered massive legal fees without the market batting an eye.
Perhaps JPM is being punished because that legal fee was accompanied by a 23% drop in fixed-income trading and a 25% drop in equity underwriting. Commercial banking didn’t do so hot either — net income fell 10% from the same time last year.
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