JPMorgan Chase CEO Jamie Dimon weighed in on the recent Wells Fargo scandal.
In an interview with CNBC, Dimon said that Wells Fargo CEO John Stumpf is a “quality human being,” so he wouldn’t comment extensively on the recent scandal involving the opening of 2 million credit and debit card accounts without the knowledge of customers.
Dimon said that comments made by politicians, including by lawmakers during Stumpf’s testimonies on Capitol Hill, are getting out of hand.
“I think cooler heads should prevail sometimes, ” said Dimon. “We should all be careful about the statements being made right now, let everyone do their homework and we’ll be responding in short order.”
Dimon also said that JPMorgan Chase had received inquiries from lawmakers regarding the retail sales practices at Chase, though he emphasised this is routine. Dimon said that whenever a bank runs into trouble, lawmakers look into the policies of everyone else in the industry as well.
Asked by CNBC about a speech from Democratic presidential candidate Hillary Clinton that, in part, said a “cowboy culture” led to the financial crisis and the Wells Fargo scandal, Dimon said it was unfair to paint with such a broad brush.
“When people blanket a whole class of people with statements, I just think that is unfair to everybody,” said Dimon. “I could do the same thing about media, I can do the same thing about politicians, or lawyers and they’re just never accurate.”
Dimon said that Wall Street is full of “smart and ethical people” and that everyone should “just take a deep breath.” The JPMorgan CEO also blamed the media for Wall Street’s bad rap, saying that news organisations “fuel” anti-Wall Street sentiment by “over simplifying it.”
Check out Dimon’s comments here: