JPMorgan held a surprise conference call yesterday to announce a huge $2 billion loss in its synthetic derivatives portfolio.
Throughout the 28-minute call, JPMorgan CEO Jamie Dimon repeatedly acknowledged the failure of his team’s strategy. Here are some of his best quotes from the call:
- “In hindsight, the new strategy was flawed, complex, poorly reviewed, poorly executed, and poorly monitored.”
- “It was a bad strategy. It was badly executed. It became more complex. It was poorly monitored.”
- “We’re willing to bear volatility, and um, that’s life.”
- “This trading may not have violated the Volcker Rule, but it violated the Dimon principle.”
- “Just because we’re stupid doesn’t mean everybody else was.”
- “We’re not in a business where we are not going to make mistakes. We are going to make mistakes… I could never promise you no mistakes.”
- “Even hindsight’s not 20/20, but with hindsight, yes, obviously we should have been paying more attention to it.”
Listen to Jamie Dimon’s best quotes from yesterday’s surprise conference call below:
Produced By William Wei
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