Despite being known for his openness with the media, Jamie Dimon might be a little fed up with some news coverage surrounding his company—or at least his comments yesterday lashing out at newspapers and journalists at JPMorgan’s investor day seem to suggest so.During his talk yesterday at the JPM investor day, the bank CEO mocked newspapers’ coverage of the compensation-to-revenue ratio at banks.
Apparently, he pulled the same statistic—”just for fun”—for newspapers, and found that the newspapers have a 42 per cent compensation ratio, which he said was “damned outrageous,” according to Bloomberg.
To Dimon’s credit—JPM does have one of the lowest compensation ratios out of all the banks at around 35 per cent, trailing behind Goldman Sachs and Morgan Stanley, where the ratio ranged between 52 per cent to 42 per cent, so the topic is something he might be able to brag about… to other banks.
But as if to rub salt to the wound, Dimon then made fun of the low pay for journalists, mocking newspapers and their inability to make a profit—a very touchy topic for the media these days. From Bloomberg:
“Worse than that, you don’t even make any money!” Dimon said, directing his comments to those in the media covering the company’s investor day and drawing laughter from his audience. “We pay 35 per cent. We make a lot of money.” JPMorgan posted $19 billion in profit last year.
Although it seems like the salary comment was made in jest, Dimon’s other actions continue to suggest he’s not very happy with the media. David Benoit at DealJournal notes that the executive spent most of his talk asking the reporters if they were “paying attention, awake and listening clearly.”