JPMorgan, Goldman Sachs and Morgan Stanley just missed earnings, and investors might be worried about the state of Wall Street’s top banks.
Not Jamie Dimon, CEO of JPMorgan, however.
“I’ve never done anything for quarterly earnings,” Dimon told Stephanie Ruhle, host of Bloomberg <GO>, on Monday morning.
“As a matter of fact our quarterly earnings are based upon decisions that have been made over the last five or 10 years.”
It comes just a few days after Dimon’s bank disappointed on revenue and earnings in its third quarter report.
At the time, Dimon chalked his bank’s earnings miss up to a “challenging global environment.” It’s a similar tale to the ones being spun by other big bank executives like Goldman Sachs’ Lloyd Blankfein and Morgan Stanley CEO James Gorman.
“I think some CEOs get bolloxed up when they start making promises they shouldn’t make. So if I was a CEO don’t make earnings forecast! You don’t know what’s going to happen every quarter and I don’t even care about quarterly earnings. Let me say this just outright, I don’t care about quarterly earnings”
JPMorgan’s stock is up more than 200% from where it bottomed in the wake of the financial crisis more than six years ago. So for now, that attitude will fly.
But if Wall Street’s biggest banks keep encountering headwinds, he may need to change his tune.